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Fnma Homestyle Homeowner Contractor Agreement

the necessary documents to support any request for payment of an advance (for example. B title policy, all necessary consignment contracts from all contractors, subcontractors and suppliers) and all necessary inspection reports; and to bear all costs and charges necessary to meet all the conditions of the agreement (including cost overruns, costs related to change orders and costs related to the application of the agreement in the event of a delay); Before preceding the final payment after the renovation, a lender must obtain from the contractor, all subcontractors and suppliers a waiver of the pledge or a clear title report that releases all pledges from contractors, subcontractors and suppliers. Fannie Mae`s standard document – Lien Waiver (Form 3739) – can be used for this purpose, provided that the lender makes the changes required by current legislation. a detailed description setting out the timetable for the completion of each phase of the work and the corresponding payments to the contractor. Fannie Mae has developed a model renovation contract (Form 3730) to document the renovation contract between the borrower and the contractor. A renovation loan agreement is a written agreement between the borrower and the lender, which requires either the borrower or the contractor, to collect (and maintain) all work permits required by a government authority, and to comply with all applicable state laws or regulations; provide for appropriate remedies to resolve disputes (including an agreement to compensate the borrower for any loss or damage to property caused by the contractor`s staff or subcontractors). . . .