Real Estate Word of the Day: MECHANIC’S LIEN


    Have you heard of this?

    It’s actually more commonly found than you might think! 

    Mechanic’s Lien: A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property. Note that materialmen are suppliers, whereas mechanics are laborers. The purpose of the lien is to give security to those who perform labor or furnish materials in the improvement of the real property. Therefore, the parties performing the work or supplying materials should be given a right-of-lien on the real estate on which the work was done as security for the payment of the proper charges. Once a mechanic’s lien has been paid off, a written notice, often called a satisfactory of lien should be filed in the proper court at the expense of the owner.

    Trackback from your site.

    Leave a Reply