Certain provisions need to be included in business leases to provide for flexibility and unforeseen contingencies. Form leases which are not tailored the parties needs can cause problems in the future. Title insurance protects the purchaser of property against defects in title and provides list of current title holders and all encumbrances of record. Title insurance ensures for the most part that the seller holds free and clear title to the property. There are certain limited exemptions which would be contained in the policy.
Title insurance is required by all commercial lenders.
When purchasing property you should always obtain title insurance for your own protection. Obtain a copy of the closing statement at least 3 days before closing. Review it carefully with your Real Estate Agent, Attorney or Escrow Officer. Question any and all charges which are are uncertain or that do not seem appropriate. Many times hidden charges appear on the final settlement statement.