North Dakota Release of Mechanic's Lien
Description North Dakota Lien Release
How to fill out North Dakota Release Of Mechanic's Lien?
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FAQ
A lien is a claim on property to ensure payment of a debt. When you borrow money to purchase a car, the lender files a lien on the vehicle with the state to insure that if the loan defaults, the lender can take the car. When the debt is fully repaid, a release of the lien is provided by the lender.
When a person pays off a loan in full, the lien is removed. The asset is no longer pledged to the creditor when the balance is completely paid. When this happens, the creditor acknowledges the release of the lien by signing a Mortgage Release of Lien Certificate.
Mechanics Liens must be recorded by a "subcontractor" within 90 days of "completion" or "cessation of work" and a general contractor who has a direct contract with the owner must record within 90 days of completion or of cessation of labor, unless completion or cessation of labor has occurred.
The main purpose of a lien waiver is to provide protection to the paying party. In exchange for such payment, the lien waiver waives the payee's right to file a lien for the exact value of the payment they have received.
Satisfy the terms of the loan by paying the balance of the loan back to the lender, including any interest incurred. If you don't receive the lien release, submit a request to your lender for proof that the loan has been satisfied.
When a contractor files a mechanics' (construction) lien on your home, the lien makes your home into what's called security for an outstanding debt, which the contractor claims is due and unpaid for services or materials.
Mechanic's liens create a cloud on title, meaning that they appear in public property records. Liens are sometimes said to travel with the land, meaning that anyone who buys your house would take the property subject to the contractor's lien (or, more likely, demand that you pay it off first).
It basically states that you've paid the subcontractor what is owed, they accept the payment in full, and they waive the right to put a lien on your property. Simply present this form to the subcontractor with your payment and ask them to sign it. Make sure you get their signature!