What paperwork do I need in hiring contractors?

[Nick Brubaker]

Hi everyone.

I purchased my first property last week and have settled on my scope of work and the contractors I will use.  I am hoping to have them actually do the work in the coming days.  I am wondering though, what paperwork is involved?  I am guessing a receipt of course and I've heard mention of lien waiver documents used after the work has been completed.  Will a boiler plate document work for this lien waiver?  What else am I missing?  I guess there is tax paperwork as well?

[Linda Weygant]

Congratulations!

You're correct with a receipt/invoice and lien waiver.  You'll also want them to fill out a form W-9 so you can issue them a 1099 next January  Link for W-9 Here.

Also make sure they have worker's comp insurance and general liability insurance.