Blog

Mark Goodman Commercial Partners Title, LLC is dedicated to providing unparalleled customer service, commercial title insurance solutions, and creating great relationships. It is vital that we continue to find ways to execute on these promises to our clients; and with the advancement of social media, we believe we can take our values and ideals to a new level.

Please take some time to revisit our website and take advantage of our social media presence.

I hope you find our blog to be informational and educational. We want to continue to be your Experts in commercial title insurance.

I welcome your feedback.

Cordially, Mark

June 17, 2019 by Mark Goodman Leave a Comment

3 Things to Know About Writing Title Insurance in Wisconsin

When it comes to real property, Wisconsin is a unique state – with rules that are markedly different than those of the surrounding Midwestern states. In this article, we are going to talk about a few things that are important to keep in mind when writing title insurance in the state of Wisconsin.

Property Laws

Property laws in Wisconsin differ from those of Minnesota and other Midwest states. We don’t have time to delve into all the differences, but one example would be the type of tenancies that are available in Wisconsin. For married couples, there are only two types of tenancy options in Wisconsin – Marital Property and Survivorship Marital Property. There is no option for taking title to a property as joint tenants of tenants in common. This all comes down to the fact that Wisconsin is a community property state (Minnesota, by contrast, is a separate property state). This means that in Wisconsin, any property owned by each separate party prior to marriage becomes part of the marital estate and each party owns that property equally.

Laws Open to Interpretation

Wisconsin’s real estate laws also leave a lot more open to interpretation because they are not as precisely drafted as those in Minnesota. This opens up the door to a lot of potential issues and legal entanglements.

Experts in Commercial Title Insurance

At Commercial Partners Title Company, we are recognized as experts in commercial title insurance transactions – both in Minnesota and across the United States. We can handle all the details of your commercial real estate transaction so you don’t have to. Reach out to the experts at Commercial Partners Title today to set up a time to discuss the details of your upcoming transaction. Our team will walk you through the process and make sure you are well prepared for the closing table. You can find us at our office in downtown Minneapolis.

June 13, 2019 by Mark Goodman Leave a Comment

How to Verify That a Corporate Officer has Legal Authority

In a recent article, we discussed real estate transactions with legal entities. Specifically, we talked about an agent’s actual, implied, and apparent authority to enter into transactions on behalf of a business entity. But how can you verify that a corporate officer has legal authority? That’s our topic for today’s article.

Review The Following

Here are some quick tips for verifying that a corporate officer has legal authority. Review and examine the following to determine if the officers signing has express corporate authority to convey the real property on behalf of the corporation:

Certificate of Good Standing from Secretary of State;
Certified copies of the articles of incorporation and any amendments;
Corporate director and shareholder minutes, bylaws, and stock transfer bylaws records;
Organizational Minutes;
Corporate resolutions approving action of the officer by the board of directors;
Certificate of Incumbency of officer signed by the corporate secretary {The document attests that the persons listed are actually officers of the corporation and are authorized to sign};
Opinion from the corporation’s attorney;
Affidavit of a corporate officer.

Commercial Title Experts You Can Trust

At Commercial Partners Title Company, our goal is to make your commercial transaction as simple as possible for you. We guide you through the entire process from the planning stages, all the way to the closing table. Our team consists of escrow agents, title underwriters, and more. Contact our title experts today to learn more about our services and get started with your transaction. Our main office is located in Minneapolis, but we work with clients across the country.

June 11, 2019 by Jeff Peterson Leave a Comment

Looking to Save Taxes? Don’t Overlook the 1031 Exchange!

There has been a lot of recent excitement surrounding the new Qualified Opportunity Zones as a method for deferring capital gains taxes. But be careful not to overlook the 1031 exchange – which is often a more tax-advantageous tool for real estate investors. In this article, we are going to talk about how to utilize the 1031 exchange to your advantage to save money on capital gains taxes.

The Origins of the 1031 Exchange

While Opportunity Zones are a brand new tax-deferral method, 1031 exchanges have been around for decades – originating before the Great Depression. Section 1031 is a part of the Internal Revenue Code and was developed to help spur the economy by incentivizing investment.

1031 Exchanges are Not Going Anywhere

Opportunity Zones are the shiny new thing that everyone is chasing – and they do provide great benefits in specific situations. But 1031 exchanges are often more versatile and can provide more long-term tax benefits. 1031 exchanges have been around for a long time and show no signs of going anywhere (having been preserved in the recent tax overhaul).

Commercial Title Experts

Need help with your next commercial real estate transaction? Look to the experts at Commercial Partners Title Company! Our team is ready and able to get you ready for the closing table and make sure you’ve got all your bases covered. Contact us today to learn more about the extent of our services and how we can help you. Our primary offices are located in downtown Minneapolis but we facilitate commercial transactions across the United States as well.

June 10, 2019 by Mark Goodman Leave a Comment

How Title Insurance Protects the Buyer, the Lender & the Seller

There are numerous parties involved in a commercial real estate transaction, and all of them can benefit from title insurance. In this article, we are going to explain how title insurance protects the buyer, the lender, and the seller in a commercial real estate transaction.

Buyer

Securing an owner’s policy of title insurance for the property in question protects the buyer’s interest in the property should a title claim be brought on their property in the future. This policy will cover any legal costs associated with resolving any title defects brought to light in the future. It’s the best thing a buyer can do to protect their rights when buying a new piece of property.

Lender

In most commercial real estate transactions, the lender will require the buyer to get a lender’s policy of title insurance, which protects the lender’s interest in the property. Buyers should be aware that this policy does not protect their own personal interest in the property.

Seller

A title policy will also protect the lender from potential damages if the seller’s title is rejected by a potential buyer.

Commercial Partners Title Company – Minneapolis, MN

At Commercial Partners Title Company we make it a point to build long-lasting relationships with each of our clients. With a focus on top-notch service, our underwriters, title closers, and escrow agents aim to provide the best possible service to each and every client that walks through our doors. Contact us today to learn more about how we can help you through your next commercial transaction. You can find us at our primary office in downtown Minneapolis. We serve the entire state of Minnesota, as well as the United States as a whole.