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Sechelt Development - The Watermark at Sechelt
02-01-2015, 09:33 AM,
#21
RE: Sechelt Development - The Watermark at Sechelt
Hi inanear,

Thanks for posting at VanPeak. I just want to ensure that you are aware I have absolutely no connection to the Watermark development. I’ve been looking at this development solely as an outsider.

Now, when you write about “bankruptcy news” are you referring to Wakefield Construction? The thing is I have no idea of the company’s depth of involvement in Watermark other than it being chosen to be its “Construction Manager”. If it has failed to pay any of the subcontractors who were involved in project, I have no idea what steps those individuals could/would take to ensure future payment other than listing themselves as a creditor with the bankruptcy trustee.

The thing is Wakefield isn’t the Watermark developer so I don’t know if subcontractors could legally put a lien on the development. A realtor would be able to check to see if any liens have been placed against the project; in fact, I believe that is something always or should be checked before purchasing property. I think such a check is necessary to obtain a mortgage.

If your heart is set on the Watermark, ianear, I might seek out legal advice regardless to determine what subcontractors can or cannot do in situations where the ‘Construction Manager’ has gone into bankruptcy. If you're thinking of being a future owner, it is much better to spend a small fee now then to face an unfortunate situation later. Wishing you the best.

(If anyone reading this thread can answer inanear's question, please don't hesitate to reply)
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RE: Sechelt Development - The Watermark at Sechelt - by Skook - 02-01-2015, 09:33 AM

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