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The Importance of Registering Liens Within 3 Months for Condominium Corporations

Author: 
SV law
Publication date:
January 25, 2017
Article Summary: 

Discusses the importance of condominium corporations in registering liens within three months of a unit owner's default in paying additional common expenses. The article cites a court decision that warns corporations they will lose their lien interests if they wait too long. The article advises condo boards to assess chargebacks and immediately demand payment, serving notice of a lien if the chargeback is unpaid after the deadline specified. The article suggests it is vital to understand the 3-month window for registering a lien and to have proper legal and accounting procedures in place to quickly protect the corporation's interests against competing claims.

Keywords: 

Is your condo corporation facing a special assessment?

Source Citation: 
SV law
The Importance of Registering Liens Within 3 Months for Condominium Corporations
January 25, 2017
https://www.svlaw.ca/blog/details/item/the-importance-of-registering-liens-within-3-months-for-condominium-corporations
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