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Loren, Attorney
Category: Legal
Satisfied Customers: 34436
Experience:  30 years experience representing clients.
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I am a homeowner entering into a remodeling contract with a

Customer Question

I am a homeowner entering into a remodeling contract with a contractor. This is not my area of expertise and a couple issues are raising a red flag to me, however the contractor is large and well known in community so I am not sure whether or not I need to be concerned.
Thank you,
Jodi Myers
Submitted: 2 years ago.
Category: Legal
Expert:  Loren replied 2 years ago.
Thank you for using JustAnswer. I am Loren, a Florida licensed attorney, and I will do whatever I can to answer your question and provide excellent service.
What is your question?
Thank you.
Customer: replied 2 years ago.
I have a budget of $50,000 they will not do a not to exceed contract. I asked them to include some type of acknowledgement they understand my budget. But today they asked for proof of funds. I stated I would gladly show them bank statement for the $50,000. They want to see that and they want access to all my other bank accounts, mortgage loan, etc. I don't understand why they want to see personal funds that have nothing to do with them.
Expert:  Loren replied 2 years ago.
Thank you for the additional information.
Proof of funds is not illegal or unusual when there is not bank financing for the project. You can refuse to disclose the financial information and even get other bids.
You will want to make sure that any changes require your approval.
You also want to make sure that the budget is signed off by the contractor.
Realize that most projects go over budget and take longer than expected. So, do not be afraid to insist on including the provisions in the contract which are important to you. Once you sign, you are on the hook.
Best regards.