88 Builders Lien After Purchase From Owner Developer

• 88 (1) Despite any other Act or agreement to the contrary, if an owner developer conveys a strata lot to a purchaser, a claim of lien under the Builders Lien Act filed against the strata lot, or against the strata lot’s share in the common property, must be filed before the earlier of

• (a) the date on which the time for filing a claim of lien under the Builders Lien Act expires, and
• (b) the date which is 45 days after the date the strata lot is conveyed to the purchaser.

• (2) Despite any other Act or agreement to the contrary, a purchaser of a strata lot from an owner developer must retain a holdback of an amount set out in the regulations until the earlier of

• (a) the date on which the time for filing a claim of lien under the Builders Lien Act expires, and
• (b) the date which is 55 days after the date the strata lot is conveyed to the purchaser.

• (3) The holdback is subject to a lien under the Builders Lien Act.
• (4) The purchaser must release the holdback to the owner developer at the end of the holdback period provided for in subsection (2) unless in the meantime a claim of lien has been filed, or proceedings have been commenced, to enforce a lien against the holdback.

1998-43-88, effective July 1, 2000 (B.C. Reg. 43/2000).