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

State:
Texas
City:
McKinney
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.

McKinney Texas Disbursement Statement Required by Contractor on Residential Construction Project: Mechanics Liens — Individual In McKinney, Texas, contractors who are working on residential construction projects are required to submit a Disbursement Statement to ensure transparency and protect the rights of all parties involved. This statement plays a crucial role in the enforcement of mechanics liens for contractors and suppliers. The McKinney Texas Disbursement Statement outlines the allocation of funds received for the purpose of completing a residential construction project. It details how the funds are distributed among subcontractors, suppliers, and other stakeholders involved in the project. This document ensures that all parties are compensated fairly and that payments are made in a timely manner. There are two primary types of McKinney Texas Disbursement Statements required by contractors on residential construction projects: 1. Preliminary Disbursement Statement: This statement is submitted before any work is commenced and serves as a preliminary notice to the property owner and the project's general contractor. It includes project details, such as the address, description of work, and the estimated total cost of the project. This statement is essential to protect the contractor's right to file a mechanics lien if needed. 2. Final Disbursement Statement: This statement is submitted when the project is nearing completion, usually before the final payment is made. It provides an itemized breakdown of all expenses incurred during the construction process, including labor costs, material costs, and any other related expenses. The final disbursement statement ensures transparency and helps resolve any potential disputes regarding payments. Both types of McKinney Texas Disbursement Statements are crucial for contractors to assert their rights in the case of non-payment. By submitting these documents, contractors can establish a legal basis for filing a mechanics lien on the property if necessary. It is important for contractors to accurately prepare and submit these statements, as they are legally binding documents that can significantly impact the outcome of a project. Failure to comply with the disbursement requirements can not only result in delayed or withheld payments but may also affect the contractor's ability to enforce mechanics liens. In summary, the McKinney Texas Disbursement Statement Required by Contractor on Residential Construction Project is a critical document that outlines the distribution of funds and helps protect the rights of contractors and suppliers. By adhering to the disbursement requirements and submitting both preliminary and final statements, contractors can ensure transparency, fair compensation, and enforce mechanics liens if needed.

McKinney Texas Disbursement Statement Required by Contractor on Residential Construction Project: Mechanics Liens — Individual In McKinney, Texas, contractors who are working on residential construction projects are required to submit a Disbursement Statement to ensure transparency and protect the rights of all parties involved. This statement plays a crucial role in the enforcement of mechanics liens for contractors and suppliers. The McKinney Texas Disbursement Statement outlines the allocation of funds received for the purpose of completing a residential construction project. It details how the funds are distributed among subcontractors, suppliers, and other stakeholders involved in the project. This document ensures that all parties are compensated fairly and that payments are made in a timely manner. There are two primary types of McKinney Texas Disbursement Statements required by contractors on residential construction projects: 1. Preliminary Disbursement Statement: This statement is submitted before any work is commenced and serves as a preliminary notice to the property owner and the project's general contractor. It includes project details, such as the address, description of work, and the estimated total cost of the project. This statement is essential to protect the contractor's right to file a mechanics lien if needed. 2. Final Disbursement Statement: This statement is submitted when the project is nearing completion, usually before the final payment is made. It provides an itemized breakdown of all expenses incurred during the construction process, including labor costs, material costs, and any other related expenses. The final disbursement statement ensures transparency and helps resolve any potential disputes regarding payments. Both types of McKinney Texas Disbursement Statements are crucial for contractors to assert their rights in the case of non-payment. By submitting these documents, contractors can establish a legal basis for filing a mechanics lien on the property if necessary. It is important for contractors to accurately prepare and submit these statements, as they are legally binding documents that can significantly impact the outcome of a project. Failure to comply with the disbursement requirements can not only result in delayed or withheld payments but may also affect the contractor's ability to enforce mechanics liens. In summary, the McKinney Texas Disbursement Statement Required by Contractor on Residential Construction Project is a critical document that outlines the distribution of funds and helps protect the rights of contractors and suppliers. By adhering to the disbursement requirements and submitting both preliminary and final statements, contractors can ensure transparency, fair compensation, and enforce mechanics liens if needed.

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