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

State:
Texas
County:
Dallas
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.

In Dallas, Texas, a Disbursement Statement is a crucial requirement that contractors must provide for residential construction projects involving mechanics liens. This statement helps ensure transparency and accountability in the financial aspects of the project. It is a detailed document that outlines the disbursements made by the contractor throughout the construction process, including payments made to subcontractors, suppliers, and other parties involved. The Disbursement Statement serves as a record of the project's financial transactions and helps verify that funds are being disbursed appropriately. This document not only protects the contractor's interests but also protects the property owner and other stakeholders involved in the project. There are different types of Dallas Texas Disbursement Statements required for residential construction projects when mechanics liens are applicable. These include: 1. Preliminary Notice Disbursement Statement: This document is prepared by the contractor at the beginning of the project and serves as a notice to all parties involved that mechanics liens may be filed if necessary. It outlines the estimated costs, projected disbursements, and payment terms. 2. Progress Payment Disbursement Statement: This statement is provided by the contractor periodically throughout the construction process, typically on a monthly basis. It presents a detailed breakdown of all payments and disbursements made during that period. This helps monitor the project's financial progress and ensures that everyone involved is aware of the funds' allocation. 3. Final Payment Disbursement Statement: Once the project reaches completion, the contractor provides this statement outlining all the final payments and disbursements made. It reflects the total cost of the project and provides a comprehensive overview of all financial transactions. These Disbursement Statements are essential in the mechanics lien process, as they showcase the use of funds and help avoid disputes regarding payment allocations. Contractors must ensure accuracy and thoroughness in preparing these statements to maintain trust and transparency with the property owner and other parties involved in the project. By adhering to the requirements of these Disbursement Statements, contractors can protect their rights and interests, maintain a healthy contractor-client relationship, and foster a smooth residential construction project in Dallas, Texas.

In Dallas, Texas, a Disbursement Statement is a crucial requirement that contractors must provide for residential construction projects involving mechanics liens. This statement helps ensure transparency and accountability in the financial aspects of the project. It is a detailed document that outlines the disbursements made by the contractor throughout the construction process, including payments made to subcontractors, suppliers, and other parties involved. The Disbursement Statement serves as a record of the project's financial transactions and helps verify that funds are being disbursed appropriately. This document not only protects the contractor's interests but also protects the property owner and other stakeholders involved in the project. There are different types of Dallas Texas Disbursement Statements required for residential construction projects when mechanics liens are applicable. These include: 1. Preliminary Notice Disbursement Statement: This document is prepared by the contractor at the beginning of the project and serves as a notice to all parties involved that mechanics liens may be filed if necessary. It outlines the estimated costs, projected disbursements, and payment terms. 2. Progress Payment Disbursement Statement: This statement is provided by the contractor periodically throughout the construction process, typically on a monthly basis. It presents a detailed breakdown of all payments and disbursements made during that period. This helps monitor the project's financial progress and ensures that everyone involved is aware of the funds' allocation. 3. Final Payment Disbursement Statement: Once the project reaches completion, the contractor provides this statement outlining all the final payments and disbursements made. It reflects the total cost of the project and provides a comprehensive overview of all financial transactions. These Disbursement Statements are essential in the mechanics lien process, as they showcase the use of funds and help avoid disputes regarding payment allocations. Contractors must ensure accuracy and thoroughness in preparing these statements to maintain trust and transparency with the property owner and other parties involved in the project. By adhering to the requirements of these Disbursement Statements, contractors can protect their rights and interests, maintain a healthy contractor-client relationship, and foster a smooth residential construction project in Dallas, Texas.

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