This is the current lien procedure for May Tower II Unit Owners
"We" in the sentences below means the head office of Shiu Pong Management Limited
- 8th day following first arrear
we send reminder notice to unit owner
- 38th day following first arrear
we send 2nd reminder notice (more stern notice)
- 45-50th following first arrear
we send the Form 14 (Pre Lien Notice)
- basically giving owner 10 days to pay or be subject to lien
- Owner is charged $100 plus GST for this notice
- 75th day following first arrear
we issue lien instruction to lawyer to lien the unit
- 85th day
lawyer liens the unit.
Owner is responsible for full cost of legal fees (approx $1000).
After 45-50 days, if payment is still not received, the Form 14 pre-lien notice is forwarded and the unit account is charged $100 plus GST. This notice allows the owner ten (10) days to bring their account into good standing.
If payment is not received by the date specified in the ten-day notice, a subsearch is conducted against the unit and a Condominium Lien is registered against the unit in accordance with the Condominium Act.
A unit can be liened at any time during the ninety-day period of the arrears. If a lien is not placed within the ninety days, the condominium corporation effectively loses its right to register a lien and cannot protect its debt in this manner. A Condominium Lien can be registered at any time during this ninety-day period, provided a pre-lien Section 14 Notice is forwarded to the owner.
NOTE: The owners may also be subject to any NSF fees but that is treated separately from collection procedures.