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

State:
Texas
City:
Pearland
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.

What is Pearland Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual? A Pearland Texas Disbursement Statement is a crucial document required by contractors working on residential construction projects in Pearland, Texas. It falls under the category of Mechanics Liens, which is a legal tool used by contractors to protect their rights to payment for labor and materials provided on a construction project. The purpose of a Pearland Texas Disbursement Statement is to accurately reflect the disbursement of funds by the contractor throughout the project. It serves as a transparent and detailed record, outlining the recipient of the funds, the specific purpose for which the funds were used, and the amount disbursed. There are different types of Pearland Texas Disbursement Statements that may be required by contractors on residential construction projects: 1. Preliminary Disbursement Statement: Also known as a Preliminary Notice, this statement is typically submitted by the contractor at the beginning of the project to inform all parties involved, including property owners and lenders, of the contractor's intent to assert a mechanics lien if necessary. It provides a preliminary breakdown of the overall contract price and serves as a proactive measure to establish transparency. 2. Progress Disbursement Statement: This statement is submitted periodically during the construction project, typically on a monthly basis or at specific milestones. It indicates the amount of work completed and requests payment for the corresponding percentage of the contract price. It details the specific tasks completed, the materials and labor costs incurred, and any other relevant expenses. 3. Final Disbursement Statement: This statement is issued at the completion of the project and provides a comprehensive account of all disbursements made by the contractor throughout the construction process. It outlines the total contract price, any change orders or additional work performed, and the final amount due to the contractor. This statement is of utmost importance when it comes to finalizing payments and resolving any outstanding liens. Pearland Texas Disbursement Statements are vital for both contractors and property owners as they ensure transparency, accountability, and can help prevent disputes over payments. It is essential that contractors comply with the requirements of these statements to protect their rights to payment, while property owners can verify that funds are being used appropriately and in accordance with the terms of the contract.

What is Pearland Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual? A Pearland Texas Disbursement Statement is a crucial document required by contractors working on residential construction projects in Pearland, Texas. It falls under the category of Mechanics Liens, which is a legal tool used by contractors to protect their rights to payment for labor and materials provided on a construction project. The purpose of a Pearland Texas Disbursement Statement is to accurately reflect the disbursement of funds by the contractor throughout the project. It serves as a transparent and detailed record, outlining the recipient of the funds, the specific purpose for which the funds were used, and the amount disbursed. There are different types of Pearland Texas Disbursement Statements that may be required by contractors on residential construction projects: 1. Preliminary Disbursement Statement: Also known as a Preliminary Notice, this statement is typically submitted by the contractor at the beginning of the project to inform all parties involved, including property owners and lenders, of the contractor's intent to assert a mechanics lien if necessary. It provides a preliminary breakdown of the overall contract price and serves as a proactive measure to establish transparency. 2. Progress Disbursement Statement: This statement is submitted periodically during the construction project, typically on a monthly basis or at specific milestones. It indicates the amount of work completed and requests payment for the corresponding percentage of the contract price. It details the specific tasks completed, the materials and labor costs incurred, and any other relevant expenses. 3. Final Disbursement Statement: This statement is issued at the completion of the project and provides a comprehensive account of all disbursements made by the contractor throughout the construction process. It outlines the total contract price, any change orders or additional work performed, and the final amount due to the contractor. This statement is of utmost importance when it comes to finalizing payments and resolving any outstanding liens. Pearland Texas Disbursement Statements are vital for both contractors and property owners as they ensure transparency, accountability, and can help prevent disputes over payments. It is essential that contractors comply with the requirements of these statements to protect their rights to payment, while property owners can verify that funds are being used appropriately and in accordance with the terms of the contract.

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