Does the depreciation check go to contractor?

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PostPosted: Sat Jan 09, 2010 11:34 pm   Post subject: Does the depreciation check go to contractor?  

There is a depreciation check coming from my insurance company after my house was reconstructed from a fire. I am confused about whether I owe the contractor this check. He says he is owed the depreciation check, is this true?

wgayle
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PostPosted: Mon Jan 11, 2010 4:07 am   Post subject:   

You owe him the amount of the contract between you and him (contractor). That could include all or some of the funds (both initial & holdback). In most cases, yes...you would need to give him the holdback amount. Unless you did certain work yourself and he credited you for those items.



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PostPosted: Mon Jan 11, 2010 6:13 am   Post subject:   

Hi wgayle



Have you paid the contractor for the work that he has done? The check that you have from the insurance company is for the repair work on your home, true? If so, then the contractor must have his share from the check but only up to the amount that he deserves for the repair work. Get it endorsed and pay the contractor his money and you can keep the rest.



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PostPosted: Sat Jan 08, 2011 7:20 pm   Post subject: keeping a depreciation check if the contractors have gave us  

we have a depreciation check coming and I don't believe the contractor should have it.. for all the harassment it took to get my house done... are there reasons for me not to give them the check...


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