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Does a finance company need my signature to release funds to a contractor

West VirginiaConstruction AccountingConstruction Contract

I had a drainage system put in my basement. And I financed the job. However, the finance company released the payment to the contractor before I signed any type of paperwork stating the job had been completed to my satisfaction. All they did was leave a voicemail saying they were going to release the money and released it before I heard the message. I am still getting some water that the contractor is working on. My concern is the clock on my 6 months 0% financing has started before the job is truly complete. I was under the impression the finance company needed a signed release of job completion.

6 replies

Oct 14, 2019
There's typically some owner approval that comes into play when there's a lender involved in a construction project. This is especially true when the lender isn't a party to the agreement with the contractor. However, it's possible that a lending agreement might allow direct payments to a contractor without prior written approval from the owner. Ultimately, what's allowed will come down to the terms of the contracts involved. Namely, the agreement between the owner and their lender. If specific actions are required before payments should be released, then a lender may be out of line releasing payments without first consulting with the owner. Granted, unless some party has been seriously injured by the payment being released, there might not be much for an owner to do about that.
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