It's critical to carefully manage contractor payments on your construction project. Whether it's a new home or a large remodel, failing to do this can expose Minnesota homeowners to significant risk. Understanding a few simple concepts can assist homeowners in greatly reducing this risk.
Managing Money on a Construction Project
Contractor Recovery Fund - The Basics
It was supposed to be the home renovation project of your dreams, but you're six months in and your contractor isn't answering your calls, ninety percent of your construction loan has been drawn, and you have subcontractors telling you they haven't been paid. The dream is quickly becoming a nightmare. Luckily for you, though, if you live in Minnesota and hired a licensed contractor, the Contractor Recovery Fund may be able to offer you some much needed relief.
2017 Amendments to the Minnesota Common Interest Ownership Act (MCIOA)
Recent amendments to MCIOA have added additional layers of complexity to managing an association's common elements and, in particular, to bringing construction defect claims arising out of the original construction. Associations new and old should take note of the new requirements and how it will affect them.
New Prompt Pay Law Guarantees Quick Payments to Subcontractors, Engineers, and Architects
In Minnesota, construction projects come in all shapes and sizes, be it a small remodel of a kitchen or building a billion dollar football stadium. Regardless of a construction project's size, more often than not, subcontractors are critical in seeing the project through to completion. Minnesota Statute § 337.10 requires prompt payment to subcontractors working in the state.
Tips on Collecting Unpaid Association Assessments
For many associations, assessments cover the cost of maintenance, landscaping, water, snow removal, and other important expenses. Timely payments of assessment dues are a significant part of maintaining a successful homeowners' association. The following are collection tips for associations who have members currently past due on their monthly assessments.
Buyer Beware? Know your Disclosure Rights
As any person who has purchased a home understands, the home buying process involves a good deal of paperwork. Included in that pile is the seller's property disclosure statement. The property disclosure statement is instrumental in the purchase of a home and is expected to be a full record of pertinent information known to the sellers at the time of sale. There are certain things that must always be disclosed, such as the existence of asbestos or lead-based paint in the home. However, other disclosure requirements can vary not only by state but even by county. The following is information for Minnesota home buyers regarding what should be disclosed and what the recourse is should you find yourself in a situation where you feel you were misguided by the property disclosure statement.
Thinking About Getting in On Minnesota's Construction Boom?
If January is any indication, 2017 should be a banner year for homebuilding in Minnesota! If you are one of homeowners looking to hire a contractor this year for a new construction project, make sure to take steps to protect yourself by doing your due diligence, including hiring a licensed contractor.
Tips for Finding the Right Inspector for Your Home
Home inspections are a critical part of the process in purchasing a home. However, in Minnesota, there are no specific licensing requirements in order to become a home inspector. Below are some helpful tips when it comes to hiring a trusted inspector in Minnesota to give your home the stamp of approval and avoid ending up in the Star Tribune's annual home inspection photo compilation.
Minnesota Construction Boom?
On Wednesday, January 4, 2017, Minnesota Governor Mark Dayton proposed the largest public construction package in Minnesota history. Projects that would see an influx of money include state colleges and university projects, water infrastructure projects, farming operations, rehabilitation for local roads and bridges, and more.
3 Tips if 2016's Record Setting Rainfall Made Its Way Into Your Home
2016 marked Minnesota's wettest year on record. Unfortunately for some, with record-setting rainfall comes water problems with their homes. Water intrusion often means there is a construction defect with your home. Below are three critical things to keep in mind if you found water in your home after this particularly waterlogged year.
