[CLC-Discussion] Homeowner in need of a 713.24 lien transfer bond

[Michael G Meyer, Esq.]

Hello group,

     I have a homeowner client that is having a hard time finding a bonding company to provide them with a 713.24 lien transfer bond - without having to post to the surety 100-110% of the penal sum of the bond plus the cost of the premium (1-2%).  The facts are pretty straight forward.  My client, the homeowner, recently bought a lot and had a home constructed on it for a little over $500,000.  The general contractor placed roughly a $70,000 lien on the property.  My client (the homeowner) and I believe that the lien is incorrect and possibly fraudulent, since the client has already paid more than the total of the construction contract's GMP plus all amounts shown on change orders.  Regardless, our client, the owner, needs to transfer the lien off the property so he can make permanent financing arrangements with the bank that loaned him the purchase and construction monies.  Problem is, every surety company that he's, and I've, contacted (including IoA's bonding division) have said that they will either A) not sell to individual homeowners a lien transfer bond at all, or B) they will, but only with a CASH collateral of 100-110% of the penal sum (penal sum = lien + 25% for costs/fees + 3 years interest at the statutory rate = roughly $100,000 in our case) - excluding the premium on the bond that would also need to be paid by my client.  Doing option B, however, would be absurd, because if the client could post 100% of the penal sum in cash, then he would just do so with the clerk and skip paying a premium to the surety.

     So, does anyone in the CLC, know of a surety company, or other industry contact, that can do a 713.24 lien transfer bond secured by a reasonable amount of a cash collateral or perhaps just the use of a higher bond premium rate?  I would be most grateful for any suggestions for surety/bonding companies or tips on how else to transfer the lien.  Please feel free to send references or suggestions to me personally at the email or phone number provided below.

Sincerely,

Michael

Michael G. Meyer, Esq.
Redding & Associates, P.A.
113 South MacDill Avenue, Suite A
Tampa, Florida 33609
Telephone 813.258.4401
Facsimile 813.871.3299
michael at jrtampalaw.com
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