Mechanics Lien on new construction
There has been a number of threads about title insurance and the pros and cons of securing such insurance. One pro (for New Construction) was to guard against and future Mechanics liens being placed on the property. However, at closing, I requested and received a notarized "Contractors Sworn Statements to Owner and FinalRelease of Lien. This document identifies in one spot 28 contractors who worked on my house specifically by trade...all have signed off so I think I have less of a problem with a mechanics lien against a newly constructed house.
This is a valuable document to have and eliminated (in my mind) one need for title insurance. The bigger need of course is peace of mind and each individual must determine that themselves.
|