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Updated about 4 years ago on . Most recent reply

User Stats

134
Posts
100
Votes
Will Kenner
  • Rental Property Investor
  • Seattle
100
Votes |
134
Posts

When to get a lien release?

Will Kenner
  • Rental Property Investor
  • Seattle
Posted

Hey BPers, 

I'm nearing the completion of a rehab of a triplex unit and was curious if I should get a lien release when I make the final payment. I've done lien releases before, but they were for large renovations ($175k+) and I was using companies that were specifically a contractor - all work was done by subs. In this latest rehab, the project is slated to come in around $25k and the vast majority of the work has been done by the contractor himself, with subs being used only when required by code (certain electrical work, plumbing, etc) My thought is, asking for a lien release can't hurt, and worst case overkill for such a small project. At the same time though, getting one could prevent significant headache after that last check is cashed and I have knocks at the door / phone calls from workmen. For those who do rehabs/renos/flips, what say you? 

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