What to Know about Builders’ Liens
There are times when builders may experience troubles when they are looking to getting paid for works that they already have done. When such a thing happens, there is need for awareness to builders’ lien as that is one of the ways to seek compensation for already done works. A builders’ lien is also known as a construction lien. There are however steps that have to be followed by any person who is seeking legal interest on a property that they have done works on. Seeking legal interest simply means that a builder has financial interest on this kind of a project mainly because they have not been paid for works that has already been done.
When a builder is filing a builders’ lien, there is need to know that there is usually a set time limit to do so. This however varies from province to province as such liens are usually filed in United Kingdom. Therefore, a builder that is wise enough and is seeking compensation ought to know the set timelines and also the deadlines so that they can file in time. For instance, for those people living in Alberta, they need to know that they have a time limit of forty-five days. These forty-five days are actually the days soon after a builder is done with any given construction site.
Another thing to note is that a builders’ lien can be filed on the first 45 days after job completion in case a builders’ dues haven’t been paid or the property owner has abandoned construction. After the 45 days are over, there is no guaranteed way that one will be able to extend this deadline so as to file for a construction lien. There are other areas when a construction lien deadline kicks off soon as substantial works have been done on a given property.
A person may experience technicalities and they can actually help them to get longer number of days on the lien they filed since it will not be limited by the deadline. With a builders’ lien, there is proof that a builder has interest on a property. Once the lien has been placed, the next thing is that it is registered with the tile of that piece of land. That way, there is guarantee that there shall be delays when it comes to leasing or selling off the property.
In conclusion, builders should be aware that they are usually covered in case they are not paid their dues when it is time. Soon as a builder experiences delays, it is wise for them to file a construction lien and have it attached to other land documents for faster processing of dues.