I have a lien in Wyoming that has been satisfied, I have done an informal and a formal notarized ien release but I am wondering if I need to file that with the clerk and recorder in Teton County. Please help...Read More
I am the tenant of a property that the owner and I have improved during my tenancy with the understanding that we would receive a discount in sales price when we purchase. There was no discussion about what would happen should we not be able to buy and due to the pandemic my credit score dropped and I do not qualify. He is being advised to only offer us or possibly an investor, the discount on appraised value. I have this in writing and several emails to this effect. Should we walk away he has only offered $2000. The value of the home is estimated on Zillow @ $400k.
I feel that the owner could pay me the 10% and walk away 'whole' as he planned, and that we have in essence a contract as there is a consideration and acceptance in writing. My position would be as a laborer and the work did not require permitting to my knowledge. I communicated directly with the owner on all work done and he picked or approved finishes and fixtures....Read More
I'm run a solar sales organization. I have a client who paid cash for Solar, Roof and a new HVAC unit with ducting work. The HVAC construction company I subcontracted fir the job was a total mess. He came out to give an estimate and while we were still negotiating the projects cost. He started the job without a signed agreement between us and without any form of pdown payment exchanged for him to begin the job. He installed the unit that he knew a part in the furnace was on a recall. So it didn't work. He left a whole in the drywall near ducting system. He left gaslines unvalved and then was unreachable when we were trying to get him to schedule to come back to fix all the issues he had left on the project unfinished. We had to hiring another subcontractor to correct the issues inorder to pass the HERS test. Which added to the overall project expenses. When we sent him an invoice of the additional charges to fix his mistakes and for having abandoned the project. We deducted the additional expenses from the verbal agreement he made with us at $12,500.00, we did not hear back from him. In fact we have still not heard back from him since. However, he filled a Mechanical Lien against the homeowners and their property for $14,000.00. The lien he filed is fraudulent we never signed a subcontracting contract with him or his company at any time during the process of the project and installation. The property is in Napa County but their court house says the lien wasn't filed in their courts jurisdiction.
I need help getting to a resolution for both the homeowners and my company.
Considering that this contractor has numerous suspensions and violations on his licenses. I have a feeling that the lien my have been improperly filed and granted. Is there a way to determine if he also committed fraud when having the lien put against the homeowners property? ...Read More
The contractor abandoned our project to take on a bigger project and pushed us aside. He has hired a lawyer and we've been conversing since January of this year. The lawyer is aware they have not finished our project but is willing to file a lien on our property. Can they do this?...Read More
Hired contractor for a Fannie Mae rehab loan. Bank is required to do verification background check- they skipped this step. They approved a contractor based on what they provided on the document and wired transferred 21k (got back 3k and did get 3k in appliances so they still owe 15k as they failed the inspection report of 0% and $0 was completed). Did the contractors break any state or federal laws? All information provided on report has been proven false (via her own written statement)...Read More
We have been asked to sign a final lien waiver for 31 cents less than the $800K contract. It's nominal and we can write it off, but does that leave us open for anything legally? We do not want to have to process a change order for $.31....Read More
I am a subcontractor I did a job almost a month ago and I haven’t received any payment this is the second time that I work for this contractor I know it takes 10 to 15 days for them to pay, but it’s almost a month and I haven’t received the payment. ...Read More
We had a mechanics lean we filed for $33,378.25 and recorded, then a partial payment was received $3,885.75. I had a partial release for the claim of lien for the amount of the payment, however the Amount of Lien Claiming remaining was entered as $29.00 and should have been $29,492.25.
We have contracted work to complete on this project. I need recommendations how this should be handled, do we amend the partial claim of lien? ...Read More
Good morning Mr David,
Trust this mail meets you well.
I am currently having issues with our external auditors on recognition of revenue in the books of our company that is into real estate development.
Here is the summary, the modus operandi of the business is to buy a virgin land, develop units of flats on the same and sell the same to subscribers.
In the books of the company, deposits made by the subscribers for any ongoing project is recognized as a liability while the development cost on the same is treated as an inventory pending completion of the project.
So, in any financial year that a project is completed, the Subscribers deposit in the SOFP is debited while revenue in the SOPL is credited with the total amount received. Also, the Development cost (as an inventory in the SOFP) is credited while development cost in the SOPL is debited.
At the moment ,we are having difficulty in applying IFRS 15 in recognizing revenue to be reported for the period ended 31st Dec 2021 because the projects are still ongoing.
The following are my questions:
Is IFRS 15 applicable in this scenario.
If yes, how best can we resolve this?
If No, what other options are available for us to be able to recognize revenue without violating the standard.
I will appreciate your prompt response and professional advice on this .
Regards
Sunday Babajide...Read More
We are a small electrical contractor firm that works mostly for general contractors. We are trying to find out how much retainage a contractor can withhold on a public works project. ...Read More
Hello,
Our company recently sent an intent to lien to a client for work completed in Wisconsin. Work was completed by Emergency Fire & Water Restoration (EFWR) a company we acquired after the debt was incurred. The intent to lien was sent in our legal name Perfection Property Restoration, not the name of the company that did the work. We are nearing the lien deadline and do not have time to change the name on the intent. Is it better for us to file the lien in EFWR name or the company name listed on the intent to lien. I can be reached at (815) 650-8094 if none of this makes sense!
Thank you,
Amber Slamp
...Read More
I just began my Levelset subscription today. I have a project that started in March worth $125,000. First ship date was March 14. I am past the 20 days after I first shipped. If I send a preliminary notice now, would it go back 20 days from today? So I would be covered for the work I've done since April 6 or so (give or take a few days)? The balance outstanding on this project is $80,400, so I have lots more work coming. I think I should send this notice now to be covered for whatever I can. Do you agree?...Read More
We are the property owner and running it as a hotel. Because of the slow economy, we don't have a stable cash flow. Our hotel renovation has come to a complete stop since last September.
We know there is a dealine in NEVADA to file a Mechnics Lien for the Contractors and Subcontractors that is 90 days, which from this point of view the Lien Rights for them has expired. In this case, can they still file a Mechnics Lien on our property? What will be the impact for our Property if any one of them file one？...Read More