Today we received a check from a lien we foreclosed on several years ago.
Long story short.
Client hires a team of professionals to design a project for him.
Client only pays each professional group a portion of the design fees (we were the engineers on this project....not the surveyors).
Everybody from real estate agents, to the attorneys, to us files liens on property (project was approved based on our plans)
Bank forecloses on property, buyer of said property puts money in escrow in order to pay outstanding liens...
Judge says we get paid interest on our claim because it was in the contract, which the Client signed...at 18% per year.
I'll be the first to admit, that if the market didn't rebound from 2008, then there might not have been enough cash to pay us our full amount.
:good: :good:
Well done man.
Larry P
Good for you... interest in my contract is monthly, compounded. Also put "Surveyor lien fees" in there too 😉