Section 140D:10 - Security interest in property used as dwelling; rescission; liability; application

1 Analyses of this statute by attorneys

  1. Residential Construction Projects: Pre-construction Part 1

    Conn KavanaughFebruary 6, 2024

    ers, and registration numbers of the contractors, the name of any salesperson who solicited the contract, and date of execution of the contract.Dates. The date on which the work under the contract is scheduled to begin and the date on which the work is scheduled to be substantially completed.Description of Work. A detailed description of the work to be done and the materials to be used.Total Price. The total amount to be paid for the work performed under the contract.Payment Schedule. A time schedule of payments to be made under the contract, including the amount of the payment and all finance charges.Signatures. The signatures of all parties to the contract.Notice. A clear notice in the contract:that all contractors and subcontractors must be registered and that any inquiries in this regard should be directed to the director;of the registration number of the contractor or subcontractor;of the homeowner’s three-day cancellation rights under M.G.L. c. 93, § 48, M.G.L. c. 255D, § 14, or M.G.L. c. 140D, § 10, as applicable;of all warranties and the owner’s rights under M.G.L. c. 142Aof the words “Do not sign this contract if there are any blank spaces,” printed directly above the space for the signature, in 10 point font or larger; of any lien or security interest on the residence as a consequence of the contract.Other. Any other matters upon which the homeowner and contractor may lawfully agree.Massachusettslaw and regulations. Any other provision required by applicable law.Contract ClausesKeep in mind that the list in the preceding section contains only the required contract terms under Chapter 142A. Parties are free to contract on almost anything they deem necessary within the law. Watch out for the following clauses when reviewing your contract:Lien WaiverIf your contractor hires a subcontractor or obtains materials from a supplier and a payment dispute between the two parties arises, the owed party has the right to place a lien on your property, called a mechanic’s lien. Make sure yo