You’ve a cost-plus contract, but the owner hasn’t paid you in over two months. In ten days, per his original deadline request, you will hand him the keys to a completed $750K rustic weekend house, every detail perfect. He dallied with you on payment with a continuing sob story about bank financing, but you’ve no idea whether or not there is a lender involved. Last week, in frustration over the no-money business, you placed a lien on the property. Where is this story going?
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Replies
don't know... but don't let him take possession until you see a letter of commitment.. and talk to the mortgage holder
Mike Smith Rhode Island : Design / Build / Repair / Restore
If there is a mortgage against the property, it will be a matter of public record in most (if not all) states. Try the Clerk and Recorder's office in your County Courthouse.
Any jackass can kick down a barn, but it takes a carpenter to build one.
Do some digging in the paper work and find out who the "house" belonges to. ie bank, credit union etc. If you can't get hold of the "home owner" for payment up to dating look into lien placing on the home or/and key handing over delay. AND make sure final payment is cash or the like!
Around here, if you place a lien on a property, the HO gets no more mortgage advances, and will probably be hit with a demand by the bank to come good for what they've given him so far. It is a good pressure tactic, and I wouldn't hand over the keys, either.
Who owns the land?