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

State:
Texas
City:
Waco
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.

Waco Texas Disbursement Statement Required by Contractor on Residential Construction Project: Mechanics Liens — Individual In Waco, Texas, contractors working on residential construction projects are required to submit a Disbursement Statement as part of the mechanics lien process. This statement is crucial in ensuring transparency and accountability throughout the construction project, protecting the rights of both contractors and property owners. Here, we will provide a detailed explanation of what the Waco Texas Disbursement Statement entails, its purpose, and its various types. The Waco Texas Disbursement Statement, also known as a Schedule of Values, is a comprehensive document that outlines the progress of a residential construction project. It is usually completed and submitted by the contractor and serves as a record of the work performed, the costs incurred, and the payment schedule for the project. The purpose of this statement is to provide clear and necessary information to all parties involved, including the property owner, contractor, subcontractors, and any potential lien claimants. It outlines the financial details of the project and ensures that payments are made appropriately at each stage of the construction process. There are different types of Disbursement Statements required by contractors in Waco, Texas, depending on the specific residential construction project. Some common types may include: a) Preliminary Disbursement Statement: This initial statement is submitted before the commencement of the project. It provides an estimated breakdown of costs and the anticipated payment schedule. It helps establish a baseline for future payment requests and allows for budgeting and financial planning. b) Monthly Progress Disbursement Statement: These statements are filed on a monthly basis throughout the course of the project. They update the progress of the construction, detailing the completed work, costs incurred, and the payment amounts due. These statements help both the property owner and contractor track the financial aspects of the project accurately. c) Final Disbursement Statement: This statement is submitted at the completion of the construction project. It provides a comprehensive summary of all work performed, expenses, and any outstanding payments. It allows for the final assessment of the project's financial aspects, ensuring that all obligations are met before closing the project. In summary, the Waco Texas Disbursement Statement Required by Contractor on Residential Construction Project is a vital document in the mechanics lien process. It helps maintain transparency and accountability throughout the project, protecting the interests of contractors and property owners alike. Different types of Disbursement Statements, such as the preliminary, monthly progress, and final statements, ensure accurate financial tracking and facilitate proper payment distribution.

Waco Texas Disbursement Statement Required by Contractor on Residential Construction Project: Mechanics Liens — Individual In Waco, Texas, contractors working on residential construction projects are required to submit a Disbursement Statement as part of the mechanics lien process. This statement is crucial in ensuring transparency and accountability throughout the construction project, protecting the rights of both contractors and property owners. Here, we will provide a detailed explanation of what the Waco Texas Disbursement Statement entails, its purpose, and its various types. The Waco Texas Disbursement Statement, also known as a Schedule of Values, is a comprehensive document that outlines the progress of a residential construction project. It is usually completed and submitted by the contractor and serves as a record of the work performed, the costs incurred, and the payment schedule for the project. The purpose of this statement is to provide clear and necessary information to all parties involved, including the property owner, contractor, subcontractors, and any potential lien claimants. It outlines the financial details of the project and ensures that payments are made appropriately at each stage of the construction process. There are different types of Disbursement Statements required by contractors in Waco, Texas, depending on the specific residential construction project. Some common types may include: a) Preliminary Disbursement Statement: This initial statement is submitted before the commencement of the project. It provides an estimated breakdown of costs and the anticipated payment schedule. It helps establish a baseline for future payment requests and allows for budgeting and financial planning. b) Monthly Progress Disbursement Statement: These statements are filed on a monthly basis throughout the course of the project. They update the progress of the construction, detailing the completed work, costs incurred, and the payment amounts due. These statements help both the property owner and contractor track the financial aspects of the project accurately. c) Final Disbursement Statement: This statement is submitted at the completion of the construction project. It provides a comprehensive summary of all work performed, expenses, and any outstanding payments. It allows for the final assessment of the project's financial aspects, ensuring that all obligations are met before closing the project. In summary, the Waco Texas Disbursement Statement Required by Contractor on Residential Construction Project is a vital document in the mechanics lien process. It helps maintain transparency and accountability throughout the project, protecting the interests of contractors and property owners alike. Different types of Disbursement Statements, such as the preliminary, monthly progress, and final statements, ensure accurate financial tracking and facilitate proper payment distribution.

Free preview
  • Form preview
  • Form preview

How to fill out Waco Texas Disbursement Statement Required By Contractor On Residential Construction Project - Mechanics Liens - Individual?

We always strive to reduce or avoid legal damage when dealing with nuanced law-related or financial affairs. To accomplish this, we apply for legal services that, as a rule, are very costly. However, not all legal issues are as just complex. Most of them can be taken care of by ourselves.

US Legal Forms is an online catalog of up-to-date DIY legal documents covering anything from wills and powers of attorney to articles of incorporation and petitions for dissolution. Our library helps you take your affairs into your own hands without using services of a lawyer. We provide access to legal document templates that aren’t always openly available. Our templates are state- and area-specific, which considerably facilitates the search process.

Benefit from US Legal Forms whenever you need to find and download the Waco Texas Disbursement Statement Required by Contractor on Residential Construction Project - Mechanics Liens - Individual or any other document quickly and securely. Simply log in to your account and click the Get button next to it. If you happened to lose the document, you can always re-download it from within the My Forms tab.

The process is just as easy if you’re unfamiliar with the platform! You can register your account within minutes.

  • Make sure to check if the Waco Texas Disbursement Statement Required by Contractor on Residential Construction Project - Mechanics Liens - Individual adheres to the laws and regulations of your your state and area.
  • Also, it’s imperative that you go through the form’s outline (if provided), and if you notice any discrepancies with what you were looking for in the first place, search for a different form.
  • Once you’ve made sure that the Waco Texas Disbursement Statement Required by Contractor on Residential Construction Project - Mechanics Liens - Individual is suitable for your case, you can select the subscription plan and make a payment.
  • Then you can download the document in any available format.

For over 24 years of our existence, we’ve served millions of people by offering ready to customize and up-to-date legal documents. Take advantage of US Legal Forms now to save time and resources!

Trusted and secure by over 3 million people of the world’s leading companies

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