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Sechelt Development - The Watermark at Sechelt
03-29-2015, 08:36 PM,
#25
RE: Sechelt Development - The Watermark at Sechelt
(02-01-2015, 09:33 AM)Skook Wrote: 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)

Glad to find out you are "still kicking" and you will soon be posting more comments.
Now to the legal advice we got: the advise was that the sub-contractors could not put a lien against the Watermark project even with Wakefield Construction having their bankruptcy troubles. It is like you said, "the company’s (Wakefield's) depth of involvement in Watermark other than it being chosen to be its (the Watermark's)“Construction Manager...”. Seemingly the contract the developer had with the Construction Manager, Wakefield, was rather limited to various conditions, jobs etc. One of the services Wakefield Construction performed was the scheduling which sub contractor would be working (let's say on the forth floor of Phase 2) during a particular time period.
The developer, Pacific Spirit Properties (Sechelt) Limited Partnership, had the rest of the contract sewn up pretty well such that any financial difficulties the Construction Manager might fall into could not pass on to involve the Watermark.
Not being a lawyer, I cannot repeat the legal ins and outs, but it comes down to the Watermark seemingly is free of any such difficulties.
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RE: Sechelt Development - The Watermark at Sechelt - by inanear - 03-29-2015, 08:36 PM

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