When you’re ready to expand your business or move locations to better serve your company, understanding the steps involved in purchasing a commercial property is critical. One thing you must consider is conducting a property title search. However, many are unfamiliar with what this process entails, and those who are familiar understand how demanding this can be. As such, it’s in your best interest to connect with an experienced Texas commercial real estate lawyer to learn what you must know about these matters.
What Is a Property Title Search?
When investing in a commercial real estate property, it’s imperative to take the necessary steps to look into the property. As such, conducting a property title search allows you to examine public records. As such, you will discover legal ownership and any claims, liens, or lawsuits against the property. Essentially, this can help you avoid issues, as you may learn the seller you’ve been speaking with has no legal right to sell the property, which can land you in hot water after the deal has been finalized.
Additionally, you can discover whether there are deed restrictions, overdue taxes, filing errors, or survey issues with the property.
This process is critical, as it allows you to be aware of what potential risks are involved with the property before you make a purchase. If any issues are uncovered, you can use these to your advantage when negotiating with the property owner.
What Are the Steps in This Process?
Conducting a property title search isn’t as simple as submitting an inquiry and getting a report in the mail. Instead, you’ll need to locate the deeds. Generally, you can check the local tax assessor’s office, search online, or visit the county clerk for records. Once you have all the deeds, you’ll need to arrange them in chronological order to ensure there are no gaps or inconsistencies that create issues for you.
Once you have established a title chain, you’ll want to search for liens or judgments against the property. You can look online for judgments and liens through official Texas government websites. However, the results you may find can be complex and confusing to interpret.
If any issues have been discovered, the seller should take the necessary steps to remedy these issues on the title to ensure ownership is transparent, and problems have been resolved before selling the property.
Do I Need a Commercial Real Estate Attorney For This Process?
Because this process can be incredibly complicated, meeting with an experienced attorney to guide you through conducting a title search is critical. Since you are investing hundreds of thousands of dollars into a property to represent your commercial business, you shouldn’t take any chances. Instead, letting an experienced commercial real estate attorney help you is critical.
At Dillard Property Law, PLLC, we understand how important your business is to you. That’s why our team is committed to making the property title search as simple as possible so you know what you’re investing in. Additionally, working with our team allows you to focus on the daily operations of your business while we handle any legal complexities that may arise. Connect with our experienced firm today to learn how we can assist you through these matters.
