Did you know that you can use a transfer of lien bond in Texas to remove a lien on a house? Surety bonds are used more than people realize. Today we are talking about how a transfer of lien surety bond is used in Texas.
If you have questions about other types of surety bonds please send us a message. Or if you want to skip the questions and contact a surety bond expert to start the Transfer of Lien application process, we invite that, as well.
In a temperamental real estate environment, Texas courts understand how fragile making a sale can be which is why they allow property liens to be handled with a surety bond. The transfer of lien bonds in the state of Texas allows people to go through with a sale of the property while still respecting any liens that may be placed thereon.
There are several reasons why a lien may be placed on a property. For example, the property owner could owe a contractor for work completed on the house. A recourse for the contractor to receive their money is to place a lien on the property until they are paid. This lien protects those owed money so when the property owner decides they need to sale the property the court wants to make sure those owed are not left out in the cold.
By taking out a transfer of lien bond the debts owed will be covered. It also protects the party taking out the lien should the sell of property be deemed unlawful. The bottomline is that the court wants to protect all interested parties from a financial loss. If the property owner can sale the house, for instance, then they will be in a better position to pay off the debt which caused the lien in the first place. The court allows this opportunity as long as a surety bond covers all the moving pieces including court fees.
The cost of a transfer of lien bond is going to depend on several factors including property value, how much the lien is for, and any local ordinances. While the cost may fluctuate the protection never waivers. Having this type of surety bond protects a person or business from dealing with lawsuits concerning liens. It shows the court that the liens will be respected and that the transfer of lien is done in just faith and without malicious intent.
You want to use a surety bond company that you can trust. You also want a company focused on customer service and speed. Jurisco hits all those marks. The lawyer-trained staff at Jurisco is happy to answer any questions you may have about the transfer of lien surety bond process. They are also dedicated to getting you the lowest surety bond rate possible so you don’t have to spend a lot to achieve your goals. Contact Jurisco today to learn more.