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

  • I_am_10_squirrels@beehaw.org
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    11 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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      11 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.