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

State:
Texas
County:
Bexar
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.

The Bexar Texas Disbursement Statement is a crucial document required by contractors working on residential construction projects to comply with mechanics lien laws. This statement provides a detailed breakdown of the funds used in the construction project and outlines how each payment made by the owner or lender has been disbursed among the various subcontractors, suppliers, and laborers involved in the project. There are two main types of Bexar Texas Disbursement Statements required by contractors on residential construction projects — the Conditional and the Final. 1. Conditional Bexar Texas Disbursement Statement: This statement is typically submitted at the beginning of a construction project, usually when the contractor submits their first request for payment. The conditional statement lists all the subcontractors, suppliers, and laborers who are expected to work on the project and the estimated costs for each. The conditional statement serves as a declaration of intent to pay each subcontractor and supplier appropriately and in a timely manner. It helps ensure that the contractor is transparent about how the funds will be disbursed and provides necessary information to potential lien claimants. 2. Final Bexar Texas Disbursement Statement: The final statement is submitted by the contractor at the completion of the residential construction project or when the contractor requests the final payment from the owner or lender. This statement includes a detailed breakdown of all the costs incurred during the project and how the funds have been disbursed to each subcontractor, supplier, and laborer. The purpose of the final statement is to show that all the payments have been made to the appropriate parties involved in the construction project and that there are now pending or outstanding liens against the property. It acts as evidence that the contractor has fulfilled their financial obligations and allows the property owner or lender to release the final payment without the risk of subsequent lien claims. In summary, the Bexar Texas Disbursement Statement is a critical document required by contractors to comply with mechanics lien laws on residential construction projects. It ensures transparency and accountability in the disbursement of funds, protecting the interests of both the contractor and the property owner or lender.

The Bexar Texas Disbursement Statement is a crucial document required by contractors working on residential construction projects to comply with mechanics lien laws. This statement provides a detailed breakdown of the funds used in the construction project and outlines how each payment made by the owner or lender has been disbursed among the various subcontractors, suppliers, and laborers involved in the project. There are two main types of Bexar Texas Disbursement Statements required by contractors on residential construction projects — the Conditional and the Final. 1. Conditional Bexar Texas Disbursement Statement: This statement is typically submitted at the beginning of a construction project, usually when the contractor submits their first request for payment. The conditional statement lists all the subcontractors, suppliers, and laborers who are expected to work on the project and the estimated costs for each. The conditional statement serves as a declaration of intent to pay each subcontractor and supplier appropriately and in a timely manner. It helps ensure that the contractor is transparent about how the funds will be disbursed and provides necessary information to potential lien claimants. 2. Final Bexar Texas Disbursement Statement: The final statement is submitted by the contractor at the completion of the residential construction project or when the contractor requests the final payment from the owner or lender. This statement includes a detailed breakdown of all the costs incurred during the project and how the funds have been disbursed to each subcontractor, supplier, and laborer. The purpose of the final statement is to show that all the payments have been made to the appropriate parties involved in the construction project and that there are now pending or outstanding liens against the property. It acts as evidence that the contractor has fulfilled their financial obligations and allows the property owner or lender to release the final payment without the risk of subsequent lien claims. In summary, the Bexar Texas Disbursement Statement is a critical document required by contractors to comply with mechanics lien laws on residential construction projects. It ensures transparency and accountability in the disbursement of funds, protecting the interests of both the contractor and the property owner or lender.

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