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

State:
Texas
City:
Round Rock
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.

Keywords: Round Rock Texas, disbursement statement, contractor, residential construction project, mechanics liens, individual. Description: In Round Rock, Texas, a Disbursement Statement is a crucial document required by contractors involved in residential construction projects. This statement is significant for ensuring transparency and protects contractors against potential mechanic's liens filed by subcontractors or suppliers. The Disbursement Statement outlines the financial details of the residential construction project, providing an itemized breakdown of the amounts disbursed to subcontractors, suppliers, and other involved parties. This statement is typically submitted by the contractor to the owner or lender, documenting the disbursements made during the project's progress. This statement serves as a comprehensive financial record, accurately reflecting the payments made for labor, materials, and other project-related expenses. It ensures that contractors are compliant with legal obligations and demonstrates that the project remains financially solvent. In Round Rock, Texas, there may be various types of Disbursement Statements required by contractors on residential construction projects, specifically categorized based on the mechanic's lien regulations. Some notable types include: 1. Preliminary Notice Disbursement Statement: Contractors submit this statement at the project's commencement, notifying the owner or lender about the potential mechanic's liens that may arise during the construction process. 2. Monthly Progress Disbursement Statement: This statement is submitted on a regular basis, usually monthly, and provides an overview of the project's progress. It details the disbursed amounts to subcontractors and suppliers for their completed work or delivered materials. 3. Retain age Disbursement Statement: Retain age refers to a portion of the payment withheld by the owner or lender until the construction project reaches completion. This statement outlines the release of to retain age amounts held to the subcontractors and suppliers. 4. Final Disbursement Statement: Upon the project's completion, contractors submit this statement to provide a comprehensive summary of all financial transactions throughout the entire construction process. It provides an accurate record of all disbursed amounts, demonstrating that all obligations have been met. It's crucial for contractors and construction professionals in Round Rock, Texas, to understand the specific requirements and regulations surrounding Disbursement Statements for residential construction projects. Adhering to these regulations ensures legal compliance, transparency, and protection against potential mechanic's liens filed by subcontractors or suppliers.

Keywords: Round Rock Texas, disbursement statement, contractor, residential construction project, mechanics liens, individual. Description: In Round Rock, Texas, a Disbursement Statement is a crucial document required by contractors involved in residential construction projects. This statement is significant for ensuring transparency and protects contractors against potential mechanic's liens filed by subcontractors or suppliers. The Disbursement Statement outlines the financial details of the residential construction project, providing an itemized breakdown of the amounts disbursed to subcontractors, suppliers, and other involved parties. This statement is typically submitted by the contractor to the owner or lender, documenting the disbursements made during the project's progress. This statement serves as a comprehensive financial record, accurately reflecting the payments made for labor, materials, and other project-related expenses. It ensures that contractors are compliant with legal obligations and demonstrates that the project remains financially solvent. In Round Rock, Texas, there may be various types of Disbursement Statements required by contractors on residential construction projects, specifically categorized based on the mechanic's lien regulations. Some notable types include: 1. Preliminary Notice Disbursement Statement: Contractors submit this statement at the project's commencement, notifying the owner or lender about the potential mechanic's liens that may arise during the construction process. 2. Monthly Progress Disbursement Statement: This statement is submitted on a regular basis, usually monthly, and provides an overview of the project's progress. It details the disbursed amounts to subcontractors and suppliers for their completed work or delivered materials. 3. Retain age Disbursement Statement: Retain age refers to a portion of the payment withheld by the owner or lender until the construction project reaches completion. This statement outlines the release of to retain age amounts held to the subcontractors and suppliers. 4. Final Disbursement Statement: Upon the project's completion, contractors submit this statement to provide a comprehensive summary of all financial transactions throughout the entire construction process. It provides an accurate record of all disbursed amounts, demonstrating that all obligations have been met. It's crucial for contractors and construction professionals in Round Rock, Texas, to understand the specific requirements and regulations surrounding Disbursement Statements for residential construction projects. Adhering to these regulations ensures legal compliance, transparency, and protection against potential mechanic's liens filed by subcontractors or suppliers.

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