Purchasing commercial real estate is a big step with a lot of money involved. The last thing anyone wants is to end up with a property with a defective title, making it possible for others to claim rights to the property one just spent so much money on. Thankfully, those wanting to purchase commercial real estate in Texas or elsewhere can turn to an experienced real estate law attorney who will be able to help one discover and address any title issues before the sale goes through.
A property title is a legal document that states who has the right to use the property as well as who has ownership. Ideally, the title should be free and clear, ready to sign over to whoever is purchasing the property. Unfortunately, it is not uncommon for commercial real estate titles to have:
- Past ownership claims
Any of the above could end up costing one an arm and a leg to resolve if found out after the fact or cause a sale to stop dead in its tracks. Legal counsel will have the ability to review the title, investigate any exceptions listed on it and work on clearing the title. It can take time, but it is worth the wait to make sure any potential problems are discovered and resolved.
Those who have already purchased commercial real estate in Texas only to find out after the fact that the title is defective can also turn to legal counsel for help. While the ideal time is to deal with this before signing closing documents, it doesn’t mean it cannot be addressed if found out later. With an experienced real estate law attorney in one’s corner, protecting oneself and one’s investment is possible.