It is important to know what Texas release of lien options are available when dealing with a lien. Texas imposes strict mechanic lien deadlines among other requirements. Making the wrong move is going to come with a cost.
One of the best things to do for a Texas lien is to transfer the lien to a surety bond. This is called a release of lien bond. Release of mechanic’s lien is another common term for the bond.
A Texas Release of Lien Bond
A Texas release of lien surety bond may be used for any liens. Whether the lien is on a house from a contractor seeking payment or on a vehicle that wasn’t paid off, a surety bond is accepted by the court to secure payment.
The release of lien bond fully covers the amount being disputed. It is essentially a transfer of a lien on the property to a surety bond. The bond represents the debt owed. Since the surety bond protects the alleged owed-party, Texas courts see a bond as a good measure.
The bond is not an automatic payout to the owed party. A Texas release of lien bond shows the court that there is an intention to handle the disputed funds. It does not take the surety bond as an admittance of wrongdoing. The bond simply proves that the dispute will be handled and that there isn’t a need to involve property.
Texas Transfer of Lien Requirements
Courts and local municipalities deal with liens frequently. Residents in Dallas, San Antonio, Houston, Fort Worth and Austin all have the same ability to secure a lien when they are owed money.
When a lien happens things can spiral quickly. Take the Tex-Mex restaurant chain, El Chico Restaurants. An error in paperwork resulted in a tax lien on the property. Now there is a back and forth battle trying to clear up the issue. This hasn’t helped their business.
Texas release of lien mandates must be abided by. The Texas Department of Motor Vehicles even has their own set of criteria for removing a lien. Working with a Texas surety bond expert like Jurisco guarantees a thorough knowledge of the subject.
Get A Release Of Lien Today
Need a release of lien right now? Contact Jurisco. A Texas surety bond expert knows which Texas release of lien bond will help. Plus, there is the added benefit of Jurisco offering low surety bond rates.