CONTRACTOR EXTORTS WOMEN-OWNED COMPANIES
We were asked to coordinate a land sale between a buyer and seller. After completing the purchase sales agreement and the offer was accepted, we opened escrow. While reviewing title, escrow found out the title was never conveyed from the previous owner to the current "seller”. We thought the seller was trying to fool us, but he explained that they did a New York closing, and the deed was just not recorded correctly. We had to find the previous owner, who lived in the woods of Northern California, a total hermit. After walking onto his property and him threatening to shoot us, we asked that he sign off the deed to the current owner, which he did. The deal was done, and it all worked out. But please, ALWAYS run title, close deals with an escrow company and officer that can convey title correctly and use a broker that can help get the deal done.
My company was renovating a large apartment property and hired "Summit Construction" as the general contractor. We were promised quality work, fair pricing, and timely completion. However, as the project progressed, we noticed that the subcontractors and suppliers were not being paid on time or in full, despite it being Summit's contractual responsibility. The job was dragging, and we found the cause when it was too late. We had a $385,000 lien on our property. It soon became apparent that "Summit" was using this tactic as a means of emotional and financial abuse, hoping to pressure female clients like me into paying them what they had not earned. This was a clear case of extortion. "Summit" had repeated abusive actions to other women-owned companies. So, we came together to expose “Summit” on live television news. Eventually, we received a judgement against "Summit Construction," and they were blacklisted from ever receiving any government contracting work again.
ALWAYS RUN TITLE, CLOSE DEALS WITH AN ESCROW COMPANY AND OFFICER THAT CAN CONVEY TITLE CORRECTLY.
THIS WAS A CLEAR CASE OF EXTORTION.
Schmuel Siegel Real Estate Broker Santa Monica, CA Connect with Schmuel
Kaylee McMahon Investor and Founder The Apartment Queen Connect with Kaylee
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