Disbursing: What is it and why we do what we do.
the riskiest issues regarding Title Insurance is the construction disbursing
process. If it is not done with due diligence and care it can quickly cause a
claim and a real
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
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,
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.
we are aware that most contractors and sub contractors may get a discount for
prompt payment of their invoices to their material suppliers we make every
effort to be sure that all payments are sent out as soon as we receive the
funds from the construction lender. We do NOT hold back for any reason as
long as the funds are in the form of a bank check from the lender. Our
inspections are done and title later dates are completed within a few days of
the request and appropriate paperwork submitted to the lender for payout in a
timely manner. In the present market we want to be sure to assist you in
getting all the benefits available.
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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can place your next title order now by clicking here.
you need boxes for moving we have them. Come by our office in
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