Lien claims can be an unfortunate reality of even the best-laid development plans. Owners or developers facing a lien claim can be held liable to lenders, landlords or investors for liens filed on project property if they are not careful. When faced with lien claims, I recommend that owners and developers ask five questions:
- Is the lien claimant licensed?
- What are the lien deadlines?
- Was the claim filed correctly?
- How’s the math?
- Have you contacted your contractor?
These issues and other considerations for reviewing lien claims are in my latest article in the Daily Journal of Commerce. To read more, click here.