In today’s difficult economy banks and lending institutions have been forced into the position of becoming  developers and owners of defaulting projects that are in a state of incompleteness.

Financial institutions assuming the position of developer/owner additionally assume the financial liabilities including the fiduciary responsibilities to future owners or renters of the properties.

Developer/Owner Responsibilities

•  Finish the project according to plans, specifications, sales and closing documents,

    including latent defects.

•  Protect incomplete projects from the elements.

•  Secure incomplete projects from pedestrian access to avoid lawsuits.

•  Maintain the project in such a manner that the project can be sold profitably.