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

State:
Texas
City:
San Angelo
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 San Angelo, Texas, a Disbursement Statement is a vital document required by contractors on residential construction projects to ensure transparency and protect their rights under mechanics liens law. This statement provides a detailed account of all the expenses incurred and funds disbursed throughout the construction process. By submitting this statement, contractors can better manage project finances and maintain accurate records. There are several types of San Angelo Texas Disbursement Statements that a contractor may encounter while working on a residential construction project. These include: 1. Initial Disbursement Statement: This is typically the first statement submitted by the contractor before starting the project. It outlines the estimated costs and anticipated disbursements during the initial stages of construction. 2. Monthly Disbursement Statement: Contractors are required to submit monthly statements that provide a comprehensive overview of all expenses incurred during the billing cycle. This statement includes details such as subcontractor payments, material purchases, and other project-related costs. 3. Final Disbursement Statement: As the project nears completion, contractors must submit a final statement to summarize all expenses and disbursed funds throughout the entirety of the construction process. It accounts for any outstanding payments and ensures that all financial obligations are met. The San Angelo Texas Disbursement Statement serves as a necessary tool for contractors, property owners, and subcontractors involved in residential construction projects. It helps avoid disputes and potential mechanics liens by promoting transparency and accurate documentation of funds allocated. Contractors should maintain complete and organized records to ensure compliance with legal requirements and protect their interests in case of future conflicts. Keywords: San Angelo, Texas, Disbursement Statement, contractor, residential construction project, mechanics liens, individual, initial, monthly, final, expenses, funds disbursed, transparency, project finances, accurate records, types of statements, property owners, subcontractors, disputes, legal requirements, conflicts.

In San Angelo, Texas, a Disbursement Statement is a vital document required by contractors on residential construction projects to ensure transparency and protect their rights under mechanics liens law. This statement provides a detailed account of all the expenses incurred and funds disbursed throughout the construction process. By submitting this statement, contractors can better manage project finances and maintain accurate records. There are several types of San Angelo Texas Disbursement Statements that a contractor may encounter while working on a residential construction project. These include: 1. Initial Disbursement Statement: This is typically the first statement submitted by the contractor before starting the project. It outlines the estimated costs and anticipated disbursements during the initial stages of construction. 2. Monthly Disbursement Statement: Contractors are required to submit monthly statements that provide a comprehensive overview of all expenses incurred during the billing cycle. This statement includes details such as subcontractor payments, material purchases, and other project-related costs. 3. Final Disbursement Statement: As the project nears completion, contractors must submit a final statement to summarize all expenses and disbursed funds throughout the entirety of the construction process. It accounts for any outstanding payments and ensures that all financial obligations are met. The San Angelo Texas Disbursement Statement serves as a necessary tool for contractors, property owners, and subcontractors involved in residential construction projects. It helps avoid disputes and potential mechanics liens by promoting transparency and accurate documentation of funds allocated. Contractors should maintain complete and organized records to ensure compliance with legal requirements and protect their interests in case of future conflicts. Keywords: San Angelo, Texas, Disbursement Statement, contractor, residential construction project, mechanics liens, individual, initial, monthly, final, expenses, funds disbursed, transparency, project finances, accurate records, types of statements, property owners, subcontractors, disputes, legal requirements, conflicts.

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