[Teetorbilt]

I started in 1988 and now own 3 businesses. I have had one disgruntled customer, an Interior Designer, who thought that I charged too much. She continued to use me on her high-end customers though for 3 years. BTW she charged $150.00 per hour even though what you got was a decorator and had a sign in the back office 'Retail is wholesale plus 250%'. I charge too much? Anyway she is gone and I'm still here.
I've never been even close to a lawsuit.

 

[Teetorbilt]

I like that. I just swiped it.

 

[Teetorbilt]

The topic is law suits. A GC that I sub to sometimes asked me this I guess because I'm older. I haven't a clue to the answer and we'er all treading on some new ground due to the storms.
A guy in a condo stiffs you to the tune of 8K. He owns the condo but leases the grounds. You put a lien on the condo. The condo is condemned due to storm damage and the guy is going to collect ins. for his loss.
Will the ins. company do a title search prior to disbursing the funds to the deadbeat? Will you have to find out who his ins. co. is and try to chase them down before he gets his check? Your attorney has already advised you that a lawsuit will cost you more than you will recover. It has been 3 yrs. and you have recovered from the loss, should you just walk and figure that he will get his when he slowly turns on a spit in Hell.?

 

[Teetorbilt]

This guy owns the condo outright. Paid around 35K years ago and they were currently selling for around 600K. My thinking is that since he had no investment in the actual land that their would be no need for a title search and the ins. co. would simply pay him for the actual loss.
As far as a limit on a lien, I don't think that one exsists here. I was talking to a guy that installs and services small treatment plants (common for condos and apt.s here), he told me that it once took him 11 yrs. to get paid, but he got paid!
I'll let my buddy figure it out and post what happens.

 

[Teetorbilt]

Mike, I know a guy that lived in this condo and had another friend looking to buy there last year.
It works like this. A developer corp buys the land, erects the building and sells the condos. Individual titles are issued for each unit but not for any rights to the land underneath it, that is leased. A lot of mobile home parks are set up this way as well. In this instance a parking space was include in the basic lease with additionals costing $50 a month, dockage was $7 a foot.
In this case the developer corp. has retained the land and the condo owners have ins. to recover their losses but no one will ever be able to buy that particular condo again. I suppose the condo titles wind up in the dead title box until someone cleans the box. I don't think that ins. companies have an obligation to do a title search prior to settlement and without a title transfer or search the lien will go undiscovered.