Kiritsis & Associates

 

What is a bond? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A posted amount of money with the court, which provides a guarantee against loss resulting from the possible claim. A common scenario involves a property owner, posting a bond to remove a mechanic’s lien from the party and allows parties to argue over the money rather than the property. The use of bonds could be crucial in facilitating certain real estate transactions, where the seller needs to sell, but doesn’t have the money to clear title for buyer. Although, a bond could be a solution towards making a real estate transaction a reality; potential buyers should be on the look out for something more sinister. If the bond was used to remove a lien caused by litigation, it may be possible that there are more lawsuits out there, and future plaintiffs may try to take back the property from you. Your title insurance may or may not cover for such losses. If you paid a fair market value for the property, and recorded the documents properly, then, you may be in the clear; however, the emotional aggravation you may have to endure could be very scarring. When a bond is used to clear title for completing a real estate transaction, it may benefit the potential buyer to know the specific circumstances over the lien origins.

 

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