Commercial Title Insurance

Commercial Title Insurance

http://smith-roberts.com


Title insurance is important to protect any investment in commercial real estate. Lawyers, banks, buyers, developers, lenders and other real estate professionals rely on title insurance to safeguard their client’s investment.


For large commercial real estate transactions (multi-state and multi-property) such as hotels, rental communities, franchise operations, golf courses, resorts, office towers, and more, getting title insurance is critical. However, at the same time the parties need to understand what it takes to buy a complete insurance policy which protects against major losses.


Title insurance is needed to:1) Insure and cover existing title defects2) Mortgage lenders require it3) Expensive real estate transaction may be delayed without title insurance


Title insurance benefits everyone in the real estate transaction.

Buyers

• A buyer could face serious financial loss or could lose the right to operate or own the property if a title problem goes undetected.

• Conducting a current title search before the purchase will bring all issues to the surface and enable potential buyers to make sound decisions before the fact.

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Lenders

• Financial firms and banks want to protect their investments, especially with the new stricter rules and regulations and will almost always demand a title insurance for commercial properties.

• By proactively identifying risks and managing them, lenders can make informed decisions.

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Brokers

A real estate broker who engages a title insurance company can avoid last minute closing delays.

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Attorneys

• In some states the closing is handled by the buyer’s attorney.

• Title insurance enables a real estate attorney to offer his or her client greater protection.

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There are two types of title insurance;

(a) An owner's title insurance (otherwise known as an Owner's Policy) protects the buyer and

(b) The lender's title insurance (otherwise known as a Loan Policy) protects the lender.


Title Insurance firms rely upon a current and accurate land title survey of the property based on the new 2011 ALTA standards.

• An ALTA survey shows the property’s legal description, improvements, easements, rights-of-way, and other elements impacting the ownership of land.

• Additional items such as topographic data, utilities, site improvements, zoning and hazard land information may be requested as optional items in Table A of the 2011 ALTA standards.


Commercial real estate transactions spanning several states and multiple property sites typically cannot be handled by a single surveyor since most states require the surveyor be licensed within that particular state. That's where Smith-Roberts National Corporation adds tremendous value to commercial real estate transaction.


Smith-Roberts National Corporation is a nationwide land survey coordination firm that specializes in coordinating and producing ALTA Land Title Surveys for title companies for multi-site and multi-state real estate transactions.

There are many advantages in having one firm in charge of the survey acquisition stage of a multi-site, multi-state property transaction.


Probably the most important advantage is that SRN, as professional surveyors, can effectively communicate your needs to other licensed surveyors in a manner that they might better understand.

• With SRN acting as liaison, it greatly reduces difficulties one may have experienced when dealing with surveyors from different regions of the country during the commercial property transaction.


100 N.E. 5th Street Oklahoma City, Oklahoma 73104

Smith-Roberts

Email: [email protected]

Phone: 405 840-7094 Fax: 405 516-2680 Toll Free: 800 411-2010

Commercial Title Insurance

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