Quick response in getting a lien removed in order to close
Background
Overview
Our client
A homebuilder in Alberta.
Where we began
In the midst of closing a real estate transaction, our client discovered a subcontractor's lien that needed to be removed by the next Monday, or we couldn't close on 50 deals and our client would have to return the mortgage funds. The challenge was that the subcontractor was out of business and couldn't be reached.
Our approach
Christine found the subcontractor's subcontractor and discussed what was necessary to remove the lien. They analyzed the options, timelines and the risks, including our client's relationship to the subcontractor and its effect on other liens. Christine and her client also developed a plan with how they were going to handle similar scenarios in the future, limit liability and close deals.
The result
"I got the subcontractor's lien off Monday, and our client's deal closed on time."
