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Lien Charges means charges for labor or materials or other charges that can create liens on the Property.
A lien is a legal right to claim a security interest in a property provided by the owner of the property to the creditor. It is generally used as a guarantee for some sort of legal obligation such as loan repayment.
Which of the following is an example of circumstances under which a mechanic's lien might not be enforced? If a contractor performs deficient work.
A mechanic's lien is a legal claim against a home or other property. Mechanic's liens are typically used by subcontractors and suppliers when they haven't received payment for improvements they made to a property. They are a way to seek payment for the work done remodeling or improving a home.
Guide to Mechanic's Liens If the contractor - or the subcontractors, workers or suppliers - who provide goods or services to improve your property aren't paid, they can file what is called a mechanic's lien on your property.
In order for an artisan's lien to be valid, the lien holder normally must have possession of the property. The right of a lienholder to possess goods does not automatically give the lienholder the right to sell the goods or to claim ownership if his charges are not paid.
1 : a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law The bank had a lien on our house. 2 : the security interest created by a mortgage the lien of a mortgage.
Each state has their own construction law governing who has lien rights, or the right to make a valid claim. General contractors, subcontractors, material suppliers, and laborers can typically file a mechanics lien if they do not receive payment for their labor or materials.
A) The answer is a mechanic's lien. A mechanic's lien gives security to persons or companies that perform labor or furnish material to improve real property and can be filed when the owner has not fully paid for the work.
Examples of specific liens include: -Property tax lien when taxes are not paid. -Mortgage lien when a mortgage is used in financing. -Mechanic's lien when work done is not paid for.