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Construction Disbursing Construction
Disbursing: What is it and Why we do what we do.
Since,
as you can see by the above, it is possible for a contractor or supplier to
file a lien AFTER they have finished their work should they not be paid, it
is very important to have a qualified Title Company handle this process for
you, thereby taking the risk away from you in the event of a mechanics lien
claim being filed. Our
process is very detailed to protect the owner and the lender from any future issues,
as well as being certain that all contractors and suppliers are paid in an
efficient manner, minimizing the potential of claims being pursued. At
Benchmark Title we pay all of the contractors, sub contractors, and
suppliers directly, acquiring “Mechanics Lien Waivers” from each when payment
is being made. We also conduct a “Later Date” search of the public records to
be sure that no liens have been filed against the property between the last
payout and this one, as well as we physically go to the property to be
certain that the work that is being requested payment for is in fact
completed, along with photos of the property to show the work is done. Should
any of this show any problems, the owner and lender are advised and payment
is delayed until all parties agree to payout based on our findings. This
sounds pretty detailed, and it is, but for the protection of the parties to
the transaction, this process is well worth the effort. Any questions can be directed to
Benchmark Title at 618-239-3750. Please feel free to call or
email:
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Dates to Remember Be the first in your
office to try out SureClose.com,
Benchmark Title's new FREE online transaction management system. Why waste
time making status phone calls or standing by the fax waiting for your title
commitment when you can get what you need instantly from your own computer.
Visit SureClose.com for more
information or call April
Tolan, our SureClose Specialist, at 618-239-3750 for your sign-on so you
can start saving yourself time and money today. We'll even give you and your
clients a free CD at closing containing copies of their closing documents. Give me my policy! Did you know that
lenders and home buyers now receive their title policies at the closing
table? Contact Michelle
Null, VP Escrow Operations, to learn more about this exciting new
program. Ready to refi? Lenders and
homeowners will want to hear about our fantastically low new refinance rates.
Contact us today for a quote! Why wait? You can place your
next title order now by clicking here. |
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