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How a Builder's Lien can Protect a Homeowner?

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There are times when you can construct a house pay the contractor and be happy with the work that has been done. A few days later you get surprises of subcontractors and material vendors claiming their nonpayment of some materials and some subcontractors who are not paid at all or have been partly paid and the main contractor has left without leaving the address. The builder's lien act ensures that all the parties that are involved in construction are protected. All of your question about Builders Liens Alberta Deadlines will be answered when you follow the link.

 

All the parties that are involved in any construction should be aware of what is provided for in the law so that they do not fall victim of ignorance. If you are a homeowner and you want to carry out a building project, you should know how the law is supposed to protect you against the contractor. The Builder's Lien Act Provides legal protection for payment of some or all the monies owed to either suppliers, subcontractors or any other worker. It allows you the right to claim lien equal to the amount that a claimant is not paid. The owner of the building is liable even when they have not contracted with the party in question.

 

The best thing about the Act is that the amount that the owner if any building is supposed to pay, is limited if the subcontractor is not paid by the general contractor. The owner of the property is allowed to pay up to 10% of the lien holdback. So the property owner does not have to suffer if the general contractor has not paid the rest of the workers. At the same time, the money held as Builders lien is not supposed to be released before 45 days are over after the construction. Get attached to us now and learn some lesson about the Builders Liens.

 

Within the forty-five days, all those who were bit paid either for material or the work dome are expected to have logged their claim. If no one shows up within the forty-five days, the contractor can claim to be paid the funds held as the builder's lien. So when you are paying the contractor, it is essential to make sure after every phase, you keep the construction fund or the builder's claim. That way you will be protected as a homeowner in case your contractor does not pay your workers. Also, make sure that the funds are not released before the forty-five days are over. Anyone who will file a claim after that will be time-barred. Seek more info about builders liens https://en.wikipedia.org/wiki/Lien.