Interview more than one remodeling contractor. You can call the local Home Builders Association for a list of quality home remodeling contractors. In our area that would be the Home Builders Association of Southwestern Illinois, and they can be reached at 618-343-6331. This is a great source if information, and there is no charge for that help.
Be sure to have a signed contract with any remodeling contractor you choose. In the State of Illinois oral contracts that exceed $1,000 are not enforceable. Under the “Home Repair and Remodeling Act” it is unlawful for any person engaged in the business of home repairs and remodeling to engage in any of that work without first obtaining a signed contract or work order. Any violation of this act can be a violation of the “Consumer Fraud and Deceptive Business Practices Act”
It is also a good idea, in the event that a loan is needed to proceed with the remodeling process to choose a local lender that is experienced in this kind of loan, usually a home equity construction loan. You should also work with a title company to be certain that the construction disbursements under that loan are paid out correctly and that all lien waivers are collected and in order. The last thing you want is for a mechanic’s lien to be filed against your property due to a faulty lien waiver.
That is where Benchmark Title Company comes into the picture. We
pride ourselves in having the finest and most efficient Construction
Disbursing department in the area. Before any disbursement is made a physical
inspection of the property is made to be sure that what is being asked to be
paid for is in fact in place. Benchmark Title Company does NOT inspect for
quality of workmanship, only to be sure that the items being paid for are in
place. We then will make the payments directly to the contractors and
suppliers and collect their lien waivers. This gives the owners and lender
utmost protection against mechanic’s lien issues. All parties, assuming all
of the paper work is done and the funds are disbursed to Benchmark Title
Company by the lender, are paid quickly and correctly
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.
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Lenders and homeowners will want to hear about our fantastically low new refinance rates. Contact us today for a quote!
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