What is the purpose of a Notice of Completion filed by the homeowner?

The purpose of a Notice of Completion filed by the homeowner primarily revolves around providing formal notification that the construction project has been completed. This notice serves several key functions, particularly in regards to payment and legal protections for parties involved in the project.

When a homeowner files a Notice of Completion, it signals to subcontractors and suppliers that the work is finished, thus setting in motion the timeline in which they can file for mechanic's liens if they have not been paid. This is essential because, under construction law, the filing of a Notice of Completion effectively starts the clock for these parties to make any payment claims. It ensures that subcontractors are aware of the project's status and can take appropriate actions to secure their payments if necessary.

Understanding this process is crucial for homeowners and contractors alike, as it helps prevent disputes over payment and ensures that all parties have a clear understanding of the completion status of the project. The other options do not accurately reflect the primary function of filing a Notice of Completion, which centers on payment and contractual obligations arising from the completion of construction work.