College Station Texas Disbursement Statement Required by Contractor on Residential Construction Project - Mechanics Liens - Individual

State:
Texas
City:
College Station
Control #:
TX-016-09
Format:
Word; 
Rich Text
Instant download

Description

This Texas Mechanics Lien form is for use in collecting payment for work done. At the time the original contractor requests payment from the owner or the owner's lender for the construction of improvements under a residential construction contract, the original contractor shall provide to the owner a disbursement statement. The statement may include any information agreed to by the owner and the original contractor and must include at least the name and address of each person who subcontracted directly with the original contractor and who the original contractor intends to pay from the requested funds. The original contractor shall provide the disbursement statement: (1) in the manner agreed to in writing by the owner and original contractor; or (2) if no agreement exists, by depositing the statement in the United States mail, first class, postage paid, and properly addressed to the owner or by hand delivering the statement to the owner before the original contractor receives the requested funds. The failure of an original contractor to comply with this section does not invalidate a lien under this chapter, a contract lien, or a deed of trust. A person commits an offense if the person intentionally, knowingly, or recklessly provides false or misleading information in a disbursement statement required under this section. An offense under this section is a misdemeanor. A person adjudged guilty of an offense under this section shall be punished by a fine not to exceed $4,000 or confinement in jail for a term not to exceed one year or both a fine and confinement. A person may not receive community supervision for the offense.§ 53.258.

College Station Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In College Station, Texas, contractors undertaking residential construction projects must adhere to certain legal requirements, including providing a Disbursement Statement. This statement is crucial for protecting contractors' rights and ensuring proper payment disbursement throughout the construction project. Failure to comply with these requirements may result in potential mechanics liens. The Disbursement Statement is a detailed document that outlines the financial transactions related to the project, including the costs and payments made to subcontractors, suppliers, and laborers. It serves as a comprehensive record of where the funds have been allocated and provides transparency in the construction process. Keywords: College Station Texas, contractor, residential construction project, Disbursement Statement, mechanics liens, payments, subcontractors, suppliers, laborers, financial transactions, transparency. Different types of Disbursement Statements required by contractors on residential construction projects in College Station, Texas, include: 1. Initial Disbursement Statement: This document is typically provided at the beginning of the project and outlines the estimated costs and expected disbursement schedule. It serves as a starting point for tracking financial transactions throughout the construction process. 2. Progress Disbursement Statement: This statement is issued periodically during the project, usually monthly. It reflects the progress made in terms of construction milestones and provides an updated breakdown of costs, payments, and remaining balances. 3. Final Disbursement Statement: Once the project is completed, the contractor must provide a final Disbursement Statement. This statement summarizes all the costs, payments, and remaining balances, ensuring that all parties involved in the project are aware of the financial status upon completion. 4. Amended Disbursement Statement: In some cases, changes or modifications to the original Disbursement Statement may be required due to unforeseen circumstances or additional work. An amended statement is issued to reflect any adjustments made to the initial document. Keywords: Initial Disbursement Statement, Progress Disbursement Statement, Final Disbursement Statement, Amended Disbursement Statement, estimated costs, disbursement schedule, construction milestones, financial status. Complying with the College Station Texas Disbursement Statement requirements is essential for contractors to protect their rights and avoid mechanics liens. By providing accurate and detailed information about the financial transactions throughout the residential construction project, contractors can ensure transparency and fair payment disbursement to all parties involved.

College Station Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In College Station, Texas, contractors undertaking residential construction projects must adhere to certain legal requirements, including providing a Disbursement Statement. This statement is crucial for protecting contractors' rights and ensuring proper payment disbursement throughout the construction project. Failure to comply with these requirements may result in potential mechanics liens. The Disbursement Statement is a detailed document that outlines the financial transactions related to the project, including the costs and payments made to subcontractors, suppliers, and laborers. It serves as a comprehensive record of where the funds have been allocated and provides transparency in the construction process. Keywords: College Station Texas, contractor, residential construction project, Disbursement Statement, mechanics liens, payments, subcontractors, suppliers, laborers, financial transactions, transparency. Different types of Disbursement Statements required by contractors on residential construction projects in College Station, Texas, include: 1. Initial Disbursement Statement: This document is typically provided at the beginning of the project and outlines the estimated costs and expected disbursement schedule. It serves as a starting point for tracking financial transactions throughout the construction process. 2. Progress Disbursement Statement: This statement is issued periodically during the project, usually monthly. It reflects the progress made in terms of construction milestones and provides an updated breakdown of costs, payments, and remaining balances. 3. Final Disbursement Statement: Once the project is completed, the contractor must provide a final Disbursement Statement. This statement summarizes all the costs, payments, and remaining balances, ensuring that all parties involved in the project are aware of the financial status upon completion. 4. Amended Disbursement Statement: In some cases, changes or modifications to the original Disbursement Statement may be required due to unforeseen circumstances or additional work. An amended statement is issued to reflect any adjustments made to the initial document. Keywords: Initial Disbursement Statement, Progress Disbursement Statement, Final Disbursement Statement, Amended Disbursement Statement, estimated costs, disbursement schedule, construction milestones, financial status. Complying with the College Station Texas Disbursement Statement requirements is essential for contractors to protect their rights and avoid mechanics liens. By providing accurate and detailed information about the financial transactions throughout the residential construction project, contractors can ensure transparency and fair payment disbursement to all parties involved.

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College Station Texas Disbursement Statement Required by Contractor on Residential Construction Project - Mechanics Liens - Individual