Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?

  • TherouxSonfeir@lemm.ee
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    7 months ago

    In some states if you hire a contractor to do work, and they hire some guys and doesn’t pay them, those guys can put a lien on your house even if you payed the contractor. 😳

    • I_am_10_squirrels@beehaw.org
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      7 months ago

      That’s why large projects require a performance bond and a payment bond. The performance bond covers the project, the payment bond covers subcontractors.

      Not sure what the feasibility is for a household project, but it’s always good to look for a contractor who is licensed, bonded, and insured and ask for those documents before signing.

      • TherouxSonfeir@lemm.ee
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        7 months ago

        Absolutely. I work in the building material supply industry, and everyone in the office hates having to do a lien on a homeowner. It’s rare because we have pretty strict requirements on whom we give credit accounts.