Quote:
Originally Posted by vreihen16
It may have been in construction loans, and also apply to your situation. I'll dig it up later, when I have some free time.....
|
Following up on myself...
The book strongly suggested having each contractor/sub sign a lien release waiver when you hand them their final payment, so they don't come back later and get a mechanic's lien against your finished house claiming that you never paid them. It said that some banks issuing traditional construction loans require lien releases from all parties paid by each draw on the loan, but this is something that you definitely want to ensure is in place if the bank doesn't require it or if you are self-funding through a HELOC or other means.....