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

State:
Texas
City:
Mesquite
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.

A Mesquite Texas disbursement statement is a crucial document required by contractors involved in residential construction projects to protect their rights in relation to mechanics liens. This statement outlines the details of all the project-related payments made and to be made to subcontractors, suppliers, and other parties involved in the construction process. It serves as a record of the financial transactions and disbursements made by the contractor during the project. The Mesquite Texas disbursement statement, specifically for residential construction projects, helps contractors comply with the state's mechanics lien laws. By providing an accurate and detailed breakdown of payments, it ensures transparency and accountability among all parties involved. Key components that must be included in a Mesquite Texas disbursement statement for individual residential construction projects may encompass the following: 1. Project Information: This section includes details such as project name, address, owner's name, and legal description of the property. 2. Contractor Information: The disbursement statement should clearly indicate the contractor's business name, address, contact information, and license details. 3. Subcontractors and Suppliers: The statement should list all subcontractors, suppliers, and vendors involved in the construction project. Each entity's name, address, contact details, and the type of work or materials provided should be included. 4. Payment Breakdown: This section provides a comprehensive breakdown of all payments made or to be made to subcontractors and suppliers. It should include the date of payment, the payee's name, the amount paid, and the purpose of the payment (e.g., labor, materials). 5. Retain age: Retain age refers to the portion of payment withheld by the contractor until the completion of the project or specific milestones. The disbursement statement must indicate the amount of retain age held, the reasons for withholding, and the conditions for its release. 6. Lien Waivers: When certain payments have been made, subcontractors may be required to sign lien waivers, releasing their rights to file a mechanics lien. The disbursement statement should disclose any associated lien waivers or releases. 7. Affidavit-Style Verification: Contractors typically must include a verification statement swearing that the disbursement statement is true, correct, and complete to the best of their knowledge. This ensures the accuracy and validity of the information provided. Types of Mesquite Texas disbursement statements required for residential construction projects may vary depending on factors such as project scope, payment milestones, and contractual arrangements. However, regardless of the specific type, all disbursement statements should adhere to the guidelines and regulations set forth by the Texas Property Code. By maintaining thorough and accurate Mesquite Texas disbursement statements, contractors can protect their rights and minimize the risk of mechanics liens being filed against the property. These statements promote transparency, facilitate smooth financial transactions, and ensure all parties involved understand the payment terms and expectations.

A Mesquite Texas disbursement statement is a crucial document required by contractors involved in residential construction projects to protect their rights in relation to mechanics liens. This statement outlines the details of all the project-related payments made and to be made to subcontractors, suppliers, and other parties involved in the construction process. It serves as a record of the financial transactions and disbursements made by the contractor during the project. The Mesquite Texas disbursement statement, specifically for residential construction projects, helps contractors comply with the state's mechanics lien laws. By providing an accurate and detailed breakdown of payments, it ensures transparency and accountability among all parties involved. Key components that must be included in a Mesquite Texas disbursement statement for individual residential construction projects may encompass the following: 1. Project Information: This section includes details such as project name, address, owner's name, and legal description of the property. 2. Contractor Information: The disbursement statement should clearly indicate the contractor's business name, address, contact information, and license details. 3. Subcontractors and Suppliers: The statement should list all subcontractors, suppliers, and vendors involved in the construction project. Each entity's name, address, contact details, and the type of work or materials provided should be included. 4. Payment Breakdown: This section provides a comprehensive breakdown of all payments made or to be made to subcontractors and suppliers. It should include the date of payment, the payee's name, the amount paid, and the purpose of the payment (e.g., labor, materials). 5. Retain age: Retain age refers to the portion of payment withheld by the contractor until the completion of the project or specific milestones. The disbursement statement must indicate the amount of retain age held, the reasons for withholding, and the conditions for its release. 6. Lien Waivers: When certain payments have been made, subcontractors may be required to sign lien waivers, releasing their rights to file a mechanics lien. The disbursement statement should disclose any associated lien waivers or releases. 7. Affidavit-Style Verification: Contractors typically must include a verification statement swearing that the disbursement statement is true, correct, and complete to the best of their knowledge. This ensures the accuracy and validity of the information provided. Types of Mesquite Texas disbursement statements required for residential construction projects may vary depending on factors such as project scope, payment milestones, and contractual arrangements. However, regardless of the specific type, all disbursement statements should adhere to the guidelines and regulations set forth by the Texas Property Code. By maintaining thorough and accurate Mesquite Texas disbursement statements, contractors can protect their rights and minimize the risk of mechanics liens being filed against the property. These statements promote transparency, facilitate smooth financial transactions, and ensure all parties involved understand the payment terms and expectations.

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