Each state has its own regional colloquialisms when it comes to writing title insurance. It’s important that your title company has experience facilitating transactions in your state and understands the local customs. In this article, we are going to talk about some things to keep in mind when underwriting title insurance in North Dakota. Specifically, we’re going to discuss mineral rights and construction mortgages as they relate to title insurance in North Dakota.
Mineral Rights
When writing title insurance in the Minneapolis / St. Paul area, we don’t typically run into any mineral rights issues. However, we do run into those issues quite often when writing title in some areas of North Dakota. This is due to the somewhat recent gas and oil boom in western North Dakota. It’s important to pay specific attention to mineral rights issues when writing title in this area.
Construction Mortgages
Construction mortgages are also handled differently in North Dakota (compared to Minnesota). Essentially, you don’t have to worry much about construction mortgages in North Dakota. This is simply because construction mortgages offer us priority over potential mechanics liens in most cases.
Experts in Commercial Transactions
The team at Commercial Partners Title is ready and able to help you through all the details of your transaction. Our escrow agents, title closers, and underwriters can ensure that you are fully prepared when it comes time to close on your new property. Reach out to our experts today to set up a time to chat about your next commercial transaction.