What is a No Work Affidavit and do I have to have one?

Affidavit
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What is a No Work Affidavit and do I have to have one?

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A No Work Affidavit is used in connection with a construction loan. It states that construction had not started at the time the construction mortgage was placed upon the property. This allows your lender to be paid in preference to your contractors, subcontractors and materialmen if there is any problem related to the construction. If you are planning to build a new home, do not allow any work to the done or materials delivered to the property until after the No Work Affidavit has been filed.