News: Brokerage

What are waiver's of mechanic's liens and why do you need them?

Recently, a new client called about a mechanic's lien filed by a contractor. I asked if he had obtained partial waivers of mechanic's liens with each payment he had made to contractor and he said he had no idea what I was talking about. Waivers of mechanic's liens are documents which ensure that the client and the contractor are "on the same page" as far as the financial aspects of the project. The client does not want to pay money and later hear the contractor say, "You gave me that check, but you still owed me more money." Since mechanic's liens are filed when a contractor claims he is owed money, when he waives his right to file a mechanic's lien, he is acknowledging that he has been paid to date. There are partial waivers of mechanic's liens which are filed for each payment along the way and a final one at the end. Obtaining these waivers is usually the job of the architect or the construction manager, but they do not just happen. This task must be made part of the scope of work in those contracts. I always advise people to seek legal counsel before signing any construction contracts, since these are the kinds of things I typically advise my clients about. C. Jaye Berger is the founder of Law Offices C. Jaye Berger, New York, N.Y.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
A guide to finding the right NYC property management company - by Sanjay Gandhi

A guide to finding the right NYC property management company - by Sanjay Gandhi

Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Positive forecast for New York’s pro-housing push? - by Philip Butler

Positive forecast for New York’s pro-housing push? - by Philip Butler

New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing