I am a GC, a property just sold that we were under contract with. The buyer is the city in which this property is located, Colorado is the state. We’ve negotiated with the insurance up to $260,000 in which the seller has collected $200,000. Our negotiations by the way, we have started the demo on the project and then put on hold. The sale of the property was going on while we were negotiating the settlement, and doing demo. Long story short the property sold, and we have a 20% provision in our contract. The seller did not disclosed to title or the buyer that there is an open Contract. We’ve opened a claim against title insurance and let the seller, buyer, and title all know that we are prepared to file a 10 day intent to lien and will lien and start lis-penance immediately after. Are we doing this right? Thanks in advance
This is too complicated to tackle by message. Your best case lies against the prior owner. I do not see where a title company would be on the hook, unless something was recorded prior to sale. You may also have claims against the new owner. Pursue the prior owner first.