My agreement with the developer in 2008 was that as long as he owned the property and worked toward completing the development I would get paid through the profit he would make or get paid through lots,now with the bank and developer in foreclosure proceedings I want to protect my dollar interest in where the pump staion is located. What rights do I have against the bank in case they take over the developer''s property? It is a 20 lot subdivision with 5 homes occupied and one vacant home
this is s complicated question and your rights will depend on some facts that are not present in your question. Do the existing homes on the site utilize the pump station? I'm assuming it is all connected to the municipal sewer system. Do municipal employees access the station via you property? Was the agreement you had with the builder reduced to writing? Was it a specific dollar amount? If there is a specific dollar amount you are owed, you need to protect that interest by filing some kind of lien against the property, or against future development. Feel free to contact my office so we can have one of the attorneys speak to you.
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