Do I need to be worried about Builders Lien when I am buying a Newly constructed house?
Of course- I say. Otherwise why would I make a blog about it:). If you are buying a New constriction which is Strata – then things are easy. Builder’s lien Holdback is mandatory under Builders lien Act. You have nothing to worry about here.
However, if you are buying Single Family Dwelling , Builders lien Act does not apply. Your contract has to specify that Builders lien holdback will be held in trust until such time when new Builders liens can no longer be filed. What is very important, is that the amount of the holdback is based on the cost of Construction of the place that you are buying and therefore has to be stated in the contract. If you do not put this condition in the contract at the time of negotiation, you will not be entitled to it later on.
Any Supplier or Trades that did not get paid, have right to file Builders lien against your property 45 days after the constriction is substantially completed, which can be long after you moved in.
So how do you protect your new purchase? Make sure you have your own Realtor representing you. For your own piece of mind ask your Realtor about this clause at the time of putting the offer on a house.
For More information about Builders liens visit the web site below.
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Do I need to pay my property taxes if I am selling my property?
Absolutely! Many people think that property taxes are paid July to July… Actually, it is common misconception. We pay property taxes for the calendar year. So in July this year, you will be paying your 2016 property taxes. The amount that was paid by you will be adjusted on the Statement of adjustments by your Notary at the time of a Sale of your property.