article thumbnail

Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

Both retention accounts are shown as current assets and current liabilities, respectively. Plus, not recording retention payable leads to the understating of a company’s liabilities. Debit Credit Bank or cash $90,000 Retention receivable $90,000. Debit Credit Bank or cash $10,000 Retention receivable $10,000.

article thumbnail

HUD Jumpstarts PACE Financing for Homes

Green Building Law Update

The concept is not new, but nationally, residential PACE programs generally have been put on hold or foregone as a result of concerns of HUD and the Federal Home Loan Banks, that issued a directive in February 2011 to refrain from purchasing mortgage loans secured by properties with outstanding first lien PACE obligations.

Finance 120
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

constructionattorneyblog: Subcontractor's Mechanics lien allowed.

Construction Lawyer

Sabo & Zahn LLC is an Illinois Limited Liability Company. « Liability for green design | Main. Subcontractors Mechanics lien allowed where bank seized generals funds. 107108 (May 21, 2009), has ruled in favor of the subcontractor in enforcing a mechanics lien. Copyright Notice. Disclaimer. University of St.

Lien 40
article thumbnail

constructionattorneyblog: Liability for green design

Construction Lawyer

Sabo & Zahn LLC is an Illinois Limited Liability Company. Subcontractors Mechanics lien allowed where bank seized generals funds » May 20, 2009. Liability for green design. Gary Cole has written an interesting blog entry about designers' liability for green projects here:  [link]. mechanics liens.

article thumbnail

Idle Equipment not entitled to Lien in Missouri

Construction Lawyer

Sabo & Zahn LLC is an Illinois Limited Liability Company. Idle Equipment not entitled to Lien in Missouri. A Missouri court has affirmed a trial court ruling in favor of a lien claimant, but at an amount reduced by the trial court to reflect the value of the idle time for the equipment. mechanics liens. Copyright Notice.

Lien 40
article thumbnail

constructionattorneyblog: ILLINOIS APPELLATE COURT DEEMS.

Construction Lawyer

Sabo & Zahn LLC is an Illinois Limited Liability Company. ILLINOIS APPELLATE COURT DEEMS MECHANICS LIEN COUNTERCLAIM UNTIMELY. The Illinois First District Appellate Court recently issued its opinion in the case of Bank of New York v. Jurado , which involved competing lien claims.  Copyright Notice. Disclaimer.

article thumbnail

PACE Bill Due in Baltimore City

Green Building Law Update

In the event of a default, the amount in default (but not the entire principal of the PACE loan) is a liability that is a property tax lien collected by the local government with the priority associated with other real property tax liens, so existing mortgage holder consent to a PACE loan is required. Maryland is typical.

Baltimore 120