Washington contractors, make sure you get paid. If the payment bond does not cover at least 50% of the construction financing amount, serve the lender with this
Notice to Real Property Lender form under RCW 60.04.221.
- The Notice form must be served on the lender, the property owner and the prime contractor.
- The form can be used for the supply of labor, materials, equipment or professional services.
- The lender is required to withhold sufficient funds to pay for the services or materials from any future draws on the construction financing.
- Failure to comply with the Notice may subject the lender to compromising all or part of its priority lien interest.
- The form includes a copy of RCW Section 60.04.221 for your reference.
This
Washington Notice to Real Property Lender template is available in MS Word format, and can be re-used as often as you require.
