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Work orders are not unusual, but did you know...

Did you know that in most cases, it is best to run the invoices through your escrow agent for payment at closing?

As long as the contractor is willing to accept payment at the close of escrow, then give this a try. There are a couple of great reasons as to why this is the better choice:

     1) The seller doesn't have to come out
           of pocket with the cash.
     2) There isn't any question that the
          invoice get paid, it shows on the HUD and nobody, including
           title, needs to be concerned about mechanics lien rights.

Doesn't the Owners Title Policy cover items such as Mechanics Liens?

____________________________________________________________

That depends on the type of Owners Title Policy that is ordered with your closing. There are essentialy 3 different types of owners policies:

     1) Owners Standard Coverage
     2) Owners Extended Coverage
     3) Homeowners Coverage

The 2009 NWMLS Residential P & S Agreement (paragraph "e") calls for the Homeowners Policy for all one-to-four family residence transactions. This type of coverage does insure for "a lien occuring before or after the Policy Date, for labor and material furnished before the policy date" (date of closing).

So if title is insuring, why would I be concerned?  Because we each have a vision for every transaction and that is for our customer to experience a seamless closing.  It is not pleasant to have to explain to the buyer why they are recieving Mechanics Lien Notices in the mail. And title doesn't need the loss either, right?

Julie Booth

I offer signings at your customers location and time that best suits their schedule in either King or Pierce Counties.

No extra charge!

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Physical Location:
29806 5th Avenue SW
Federal Way, WA 98023

P: 206-429-2696
F: 206-429-2580

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