Diamond Certified Experts: Legal Limits on Project Deposits скачать в хорошем качестве

Diamond Certified Experts: Legal Limits on Project Deposits

Host, Sarah Rutan: If your contractor asks for a deposit in advance of your building project, it’s important to know the legal limitations to this request. Today we’re in Gilroy with Diamond Certified Expert Contributor Richard Gallardo of RG Builders to learn more. Diamond Certified Expert Contributor, Richard Gallardo: Hi, I’d like to talk to you about deposits for projects. In the state of California, the most a contractor can collect at the time of signing a contract is $1000 or 10%, whichever is less. So on a job over $1000, a contractor could collect $1000. On a job under $1000, the most he can collect is 10%. Those rules are fixed. They are the law. There is no 50% down. There is no 25% up front. It’s $1000 upon signing a contract. Once you’ve signed that contract and the contractor starts working on your home, then he can ask you for more money. Once equipment has arrived, people are working on the house, demolition’s being done, then he can ask you for another check. But always, at the signing of a contract, it’s $1000 max for any job over $1000. Or 10%, whichever is less, according to the state law. Host, Sarah Rutan: To learn more from local, top rated companies, visit our Diamond Certified Expert Reports at experts.diamondcertified.org.