What You Need To Know About The Builder’s Lien In Alberta.
A builder’s lien is basically an act that was designed to protect members of the building society like contractors and suppliers. Contractors and suppliers of material can foreclose on property if they have a case against you on issues regarding payment. Find below a few things you should know about the builder’s lien in Alberta.
First it is any contractor or supplier that is entitled to raise a claim as long there was work done on your property or land. If the contractor realizes that payment may not be forthcoming or is being delayed unnecessarily, then he or she can lay a claim based on this lien. It is important to understand that such a claim can lead to the foreclosure on your property and should be taken with the seriousness it deserves. For a supplier to use this claim, the material he or she has supplied must have already been used up on the property or the land in a bid to improve it.
Do you know that lien has the power and authority of preventing you from selling property and at the same time interfere with your credit rating? If the legal ways are not properly followed, there is a risk of lien to lapse after a hundred and eighty days. It is crucial to also note that many people have found it perplexing since it has its downside. Basically, this is because there is faith that filing an untrue lien is an easy task and does not require much.
It is even more complex in that there no need of evidence. And it is imperative to file within forty five days since the last day you stopped working as stated in the statutes.
The good news for owners who have been culprits of this lien situation is that it can be removed. It will not look good for you if you have a lien on your title and you want to sell your property someday. The good news is that by talking to the right people and doing what the law requires you can get rid of it. A builders’ lien has to be proven for it to be valid, if you prove beyond reasonable doubt that you are being wrongly accused then you can dodge that bullet.
A court order can be your ticket to getting rid of the lien from your property. You will then be asked to place money in court amounting to about 115% of the value of the lien so that it can be removed. This will remove that burden from your shoulders. With a consent order, you need consent from the lien holder. He will have to approve to have the money replace the lien.
Learning The Secrets About Liens