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alkizmo

join:2007-06-25
Pierrefonds, QC
kudos:1
reply to nunya

Re: Garage addition

said by nunya:

Not gonna happen. Nobody (contractor) in their right mind is going to sit and wait for their lien rights to expire before the customer makes the final payment.

Standard procedure by banks who finance major renovations like this and base their loan/value ratio on the potential value of the property after the project is complete.


Gord

@teksavvy.com

Just remember this is taking place in the US where the Banks don't follow any rules.

Here in Canada they never lend money to people based on what they say they earn hoping it was actually true.

Nice garage by the way. I only wish in the future I can get a lot with enough space to build something similar.



AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1
reply to alkizmo

said by [bquote= nunya See Profile :

Not gonna happen. Nobody (contractor) in their right mind is going to sit and wait for their lien rights to expire before the customer makes the final payment.

I think most residential contractors expect payment after final inspection, retainage is quite common in commercial construction, but usually for leverage in warranty issues.
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