[NEW] "What Happens When A Contractor Or Supplier Does Not Receive Payment On A Construction Project?
Real Estate Construction Real Estate Real Estate Other
Summary: If a contractor or supplier doesn’t get paid on a construction project, they can file a Mechanic’s Lien on the property to secure payment. This creates a security interest in the property for the unpaid amount due.
If a contractor or supplier doesn’t get paid on a construction project, they can file a Mechanic’s Lien on the property to secure payment. This creates a security interest in the property for the unpaid amount due.
When a contractor is not paid by the owner for the work done on property, the contractor must then give notice to the owner within 15 days that they intend to place a lien on the property, and must be delivered to the property owner at least 15 days before filing the lien.
Once the Mechanic’s Lien is filed, Las Vegas law states that enforcement of a Mechanic’s Lien via civil litigation must be initiated within 6 months from the date the lien is filed.
Las Vegas does not allow for this time limit to be extended and failing to “perfect” the lien – that is, to enforce the lien through an action in civil court - within the time limit makes the lien unenforceable.
Once the Mechanic’s Lien is filed, Nevada law states that enforcement of a Mechanic’s Lien via civil litigation must be initiated within 6 months from the date the lien is filed.
Nevada does not allow for this time limit to be extended and failing to “perfect” the lien – that is, to enforce the lien through an action in civil court - within the time limit makes the lien unenforceable.
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Source(s):
https://www.lasvegasrealestateattorney.com/mechanic-s-lien-process-in-las-vegas
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