What does Perfecting a Builders Lien Mean?

What does Perfecting a Builders Lien Mean?

In Nova Scotia, a builder’s lien that is registered against a property only stays valid for 105 days past the last day of work done on the property unless the lien is “perfected”. “Perfection” in the context of a builder’s lien means that the person who holds the lien formalizes their claim by starting a lawsuit in the Supreme Court of Nova Scotia. If no lawsuit is started within the required time, the lien becomes completely invalid.

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Buying a New Build?: Don't get caught with unfinished business.

Buying a New Build?: Don't get caught with unfinished business.

It is always exciting to buy a brand new home. New builds are often customized to you in ways that buying a home that is already built would require extensive renovations to achieve. This advantage comes with it own set of potential issues. One of the big common ones is "deficiencies". These are the things that are not completed by the builder as of the closing date. Best case scenario there are none, or they are minor things that needing to be finished.

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