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:
Dates to Remember
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