Imagine this scenario: a couple is preparing to sell their home when they receive a call from their realtor. The real estate agent says the sale of the house is being blocked because they cannot find a deed of reconveyance. “What is a deed of reconveyance?” the couple asks. “It’s proof the house is yours,” the realtor replies. Now what? Well, now they need a surety bond.
A Deed of Reconveyance
A deed of reconveyance is received when a debt is paid off, such as paying the last mortgage payment on a house. With a deed of reconveyance, ownership of the property is transferred. Without this deed, the mortgage company still technically owns the property. This can lead to blocking the sale of the property, or expensive tax issues.
Generally, a mortgage company mails a deed of reconveyance within 30 days of the last payment clearing. However, it isn’t uncommon to have to call and remind the mortgage company to send over the deed of reconveyance. This Washington Post common title problems article covers this issue pretty well.
Now, there are some situations where tracking down a deed of reconveyance can be difficult. For instance, a house that has been passed down from generation to generation and now being sold to the public may lack the proper documentation. That’s when using a surety bond can help because it clears up what is a deed of reconveyance issue.
Surety Bond Solutions
Working with a surety bond expert at Jurisco is a fast way to find a solution to a deed of reconveyance problem. Jurisco is a nationwide surety bond company so they can offer expert advice and low surety bond rates.
Jurisco is ready to help you understand what is a deed of reconveyance. Contact Jurisco today with any questions about a reconveyance and the surety bonds you need to clear up an issue.
What does surety bond mean is one of the most common questions Jurisco hears.
When the requirement of a bond comes up it doesn’t mean that everyone is on the same page about knowing what’s going on. And that’s alright. There’s no need to know everything about what does surety bond mean and do. Jurisco is here to help you with that.
Figuring Out Different Types Of Surety Bonds
There are several types of surety bonds and they all do different things. But they all have the same thing in common in that they work as a surety. Meaning that the provider of the bond is proving that the obligee (the person requiring the bond) will meet all requirements and expectations laid out to them.
A surety bond means that a bond takes a place of money owed, property needing to be seized, or wages needing to be garnished. Bonds are even needed when evicting commercial tenants. It is proof to a court or to the state in which you reside that business practices will be followed and legal mandates met.
Having questions about a surety bond and what type you need is normal. The highly trained staff or surety bond professionals at Jurisco understand that you have questions. They are ready and available to help you understand the bonding process and how to get the most out of a surety bond.
Speak To An Expert
If you have a question like what does surety bond mean or how much does a surety bond cost, speak to a professional.
A surety bond expert is the best way to figure out what does a surety bond mean and how it can apply to your situation.
When you think about what does surety bond mean it involves more than just requirements and expense. What does surety bond mean for business? What does surety bond mean for a person or business on trial? This is where an expert can help.
Allow the Jurisco staff help you not only understand what does surety bond mean, but help you get the best bond for your particular situation.