Many title issues can arise on commercial property in Ohio. For example, if the client is buying a commercial space for a restaurant and later they find a restriction on the title that says that the owner of the commercial property can’t sell liquor, that could be a problem for the client.
In this example, initially, we would find the title from the seller of the property to see if the restriction is in the document. If it was not in there, then we may have a claim against the title insurance company if the title insurance policy covers this restriction.
Sometimes, a limited liability company hasn’t necessarily had their properties vetted. When the client discovers an issue, we need to extend the due diligence period, or we need to stall the contractor to work out the issue with the seller.
For example, maybe there’s been a discovery of asbestos in the property and that brings a whole host of issues that we need to resolve with the contractors. How the seller is going to remediate that becomes a more complicated situation that needs to be adjusted accordingly.
Learn more about real estate in Columbus, Ohio.