Register Your Condo Lien Early or Risk Losing It

Timely collection of common expenses by condominium corporations is essential to the safeguard of their financial viability. For this reason, the Condominium Act permits condominiums to register liens against the unit of owners who are in default of paying their common expenses. Once registered, the lien has priority over mortgages. However, to benefit from this powerful collection tool, a corporation must register the lien within three months from when the default first arose. This is a strict deadline. Missing this deadline by even one day may either render the lien invalid or may not capture all of the arrears.    Read the article……………

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