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When must the holdback be released?
The holdback may be released 10 days after the time for filing the claim of lien has expired.
For additional information on this topic, or any builders lien matter, please contact Amy Mortimore.
Related Topics:
The contractor has defaulted on his contract and the owner hired a new contractor to finish the first contractor’s work. Can the owner use the holdback money retained from the first contractor to pay the second contractor?I’m buying a new condo. How much do I have to holdback from the seller?The project has been ongoing for quite a while and there is a lot of money in the holdback account. Who is entitled to the interest that has accrued to the holdback?What is the holdback?How is the holdback kept and dealt with?What steps should an Owner take before paying out the holdback?Disclaimer:
This FAQ section is for informational purposes only, for the
convenience of our visitors. While these questions and answers are
about legal issues, they are not a substitute for consultation with
a lawyer, and should not be relied on as a basis for any legal
decision. As with anything of a legal nature, different circumstances
can create different results.
