If you have a vision for your commercial property, you are likely going to need to bring some general contractors into the fold to bring that vision to life. Coordinating these contractors and ensuring everything goes smoothly with their work and their payment isn’t going to be easy, but you can greatly streamline the process by working with a title services team like Commercial Partners that offers construction disbursement services. We explain more about the construction disbursement division of Commercial Partners in today’s blog.
Commercial Construction Disbursing
Oftentimes it can be very helpful to have a neutral third party act as a middleman between you and any contractors you hire. Not only is it one less thing off your plate, but there are many rules and regulations that need to be followed to ensure everything is carried out properly, and it’s very possible that you may not understand all the rules that need to be followed. One little mistake can be incredibly costly, so oftentimes it’s simpler and even more cost effective to work with a title team that offers construction disbursement services.
Our construction disbursement department handles many aspects associated with construction on your commercial property, including:
- Payment To Contractors and Subcontractors - We can ensure that money provided by a loan from your financial institution is given to contractors and subcontractors once they have met the stipulations of their work agreement.
- Ensuring Jobs Are Done Right - We will also ensure that construction projects are completed as agreed upon before issuing funds allocated for specific construction aspects.
- Eliminate Mechanic Liens - Using construction disbursement services prevents the creation of a mechanic’s lien on a property (a mechanic’s lien is a lien against a title holder for services that went unpaid).
- 1099 Issuance - We will also issue the correct tax forms that are required by the IRS depending on the cost of construction services performed by different contractors and subcontractors.
- Detailed Records - We’ll also keep detailed records of all construction jobs and payments, ensuring that you pay off debts in a timely manner and avoid accidentally paying an invoice twice.
- Peace Of Mind - Many clients enjoy the peace of mind knowing that our construction disbursement department can help to solve any potential disputes between parties. The presence of a middleman also showcases to both sides that they need to operate in good faith in order for the job to be completed as intended.
- Record Notarization - We can also provide notary services for any documentation that requires it.
Let us help streamline your next commercial project so that you can quickly bring your latest commercial vision to life! To learn more about our construction disbursement department, or for help managing another aspect of a commercial acquisition, reach out to the team at Commercial Partners today at (612) 337-2470.