Mechanic's Lien
Definition of "Mechanic's lien"
Claim on property by an unpaid workman or contractor. The property may be sold to recover the money owed. The legal justification of the mechanic's lien is that the labor and materials supplied increase the value of the property and therefore the property should be security for payment. Further, the workman should be compensated for his services. An example is an electrician or plumber who has not been paid for his work by the homeowner.
Popular Real Estate Terms
Managing partner of a limited partnership who is in charge of its operations. A general partner has unlimited liability. Member of a partnership who is jointly and severally liable for ...
Pump installed in the sump of a building to pump out and drain any water or liquids that have accumulated. ...
Borrower's right to redeem his property by immediately paying off the loan balance and any related costs. ...
Contract in which the borrower agrees to the terms of a loan including payment dates, interest rate, total cost of the loan, and late payment fees. ...
The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...
Ownership by two or more persons that give the right to use the entire property. ...
Property deriving at least 75% of the income from personal residences. ...
Same as term spot zoning: Zoning a portion of land in a given area for different purposes than its surrounding functions. For example, a locality may decide to spot zone a vacant lot in a ...
Individual who by his expertise, education, and experience prepares syndication reports. ...
Have a question or comment?
We're here to help.