Levelset
JULY 5, 2022
If you receive a notice that a lien has been filed on your property, you may wonder how it will affect your credit score and your ability to borrow money or get credit. Mechanics liens are different from other collection instruments, so they are treated differently when it comes to reporting on your credit history. What is a lien?
Wolgast Corporation
NOVEMBER 28, 2022
Liens Can Wreak Havoc on Funding. On top of that, that they expect you, the owner, to guarantee to the Bank and the Title Company that the project will be lien-free during construction. These types of requests are common place in today’s world when an owner finances the construction of a building.
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Best Practices Construction Law
SEPTEMBER 13, 2018
The new statute, signed into in May 2018, immediately created a cause of action providing for remedies for the successful challenge of the validity of a lien against a property. 4) Any actual damages incurred by the owner. 4) Any actual damages incurred by the owner.
NH Construction Law
FEBRUARY 25, 2023
A common feature of residential construction loans is the requirement for periodic inspections of the progress of work, usually by an independent inspection company hired by the bank, before disbursements are made. New Hampshire Savings Bank , 131 N.H. ” And such a voluntary undertaking is exceedingly rare.
Levelset
MAY 23, 2022
In the construction industry, starting a new project means encountering automatic, upfront costs. Getting paid in a timely manner is another challenge for specialty contractors since the average payment collection time for the construction industry is around 90 days. Learn more: The Ultimate Guide to Construction Accounting.
NH Construction Law
OCTOBER 30, 2021
A few years back I blogged ( #44 ) on the relative priorities of construction mortgages and mechanic’s liens under RSA 447:12-a. Regardless of who recorded first at the registry of deeds, that statute affords priority to mechanic’s liens except in two scenarios. Shawmut Bank , 139 N.H. ” Id.
Levelset
MARCH 21, 2022
Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet. Protect your lien rights.
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