In July of this year, we reported on a change to the Pennsylvania Mechanic’s Lien Law that revised the statute to give priority to construction loans secured by open-end construction loan mortgages. The revisions also broadened the definition of cost of construction to cover a range of things – to include attorneys’ fees and accounting fees – which are part of the costs incurred to build the project. This marks a significant change in the law which can be reviewed further in our previous blog post here.
The revisions went into effect on September 7, 2014, so construction owners, lenders, and contractors should be aware and adjust accordingly.
