Swapped! The Transfer of a Lien
A recorded lien tells the world that you have an interest in someone’s property. But that doesn’t stop the property owner from transferring the lien to some other form of security, such as a bond or cash. This way, the owner can sell or mortgage the property. If that happens, however, you as the lien holder only have one year to enforce your lien and recover against the substituted security. Wait too long and you could lose your lien.
Knowledge is king in every undertaking and it is no different when it comes to Florida Lien Law. Keeping up to date with legislative changes, critical court decisions, and current construction lien law is something construction executives and design professionals must do regularly to remain effective managers as they work hard to turn concepts into drawings and blueprints into well-built projects. Where it now has become common to believe that any discovered deficiency must be the result of someone else’s acts or omissions, the idea of avoiding potential risks is today more important than ever.
Published by the construction lawyers at The Barthet Firm in Miami, TheLienZone.com is a collection of Florida Lien Law alerts and articles, many reprinted from their initial publication in industry journals. It provides information helpful to contractors, subcontractors, material suppliers, architects, engineers and anyone else dealing with a mechanics lien issue, construction contracts, or construction bonds, especially in South Florida.
Managing job site discrepancies and those unavoidable change orders while correctly interpreting construction contract terms can provide an edge – something much appreciated in this always competitive business. This is but one step in that process. Read on.