Questions and Answers
What is the significance of a payment bond attached to a Notice of Commencement?
Prevents sub-suppliers from placing a lien on the property
What can the general contractor do if their liens are not exempt under the payment bond?
Subordinate their lien rights to the mortgage
How is a situation where a payment bond is not properly attached handled according to the text?
Through a procedure under 713.24 that can be transferred through the clerk
What documents need to be filed to terminate a Notice of Commencement?
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What is recommended to be done before recording a new Notice of Commencement if construction is going to continue post-closing?
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Why does underwriting need to be involved in managing the sale or mortgage of a property with an existing NOC?
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