I am having a house built for me. What is a builders lien holdback and is it necessary?
A. The Act requires you to hold back 10% of each payment to the contractor (the builders lien holdback) in a special account so that there is money available for payment of liens. Without a holdback, you could be responsible for the full amount of all lien claims even if the contract price was already paid in full.
Related Questions
- I have built a 300 square foot addition to a two-story house, but I found that the total duct leakage is 20%. Do I need to tear out drywall to get to the ducts between the floors?
- The home is under construction (or to be built). How many sets of house plans do I send?
- Can Ecomodular Homes help me find land to put my Off-Site Built house on?