Multiple Choice Quiz

The marketing verbiage on MLS touts the home’s “brand new, state-of-the-art Kitchen.” 

Who’s going to take notice?

A. Prospective Buyers.
B. Prospective Buyers’ agents.
C. The appraiser sent out by the lender.
D. The title examiner.

Answer:  all of the above.

And why are title examiners scrutinizing MLS marketing verbiage?

Because they’re looking for recent, significant improvements done by the homeowner — improvements that may not have been paid for.

When that’s the case, contractors have the right to put mechanic’s liens on the home, which can create a legal and financial nightmare for the new owner.

The solution?

Make sure there are lien waivers on file from all concerned contractors, prior to closing.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

Leave a Reply