Definition of "Mechanic's lien"

Scott Wooley real estate agent

Written by

Scott Wooleyelite badge icon

Scott Wooley Real Estate Services

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Real annual return on a real estate investment. It equates the initial investment with the present value of future net cash inflows from the investment. The IRR can be determined by using a ...

An insurance policy indemnifying a property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure. ...

Combination of insurance policies on property with each providing an additional increment of coverage exceeding the limits of the preceding policy. For example, policy A adds $70,000, then ...

The Principle of conformity states that conformity is achieved when all the entities or objects comply to the same standard, rules or laws. This creates a balance and stability between ...

(1) Judgment against a defendant who does not respond to the plaintiffs lawsuit or fails to appear in court at the hearing or trial date. (2) Judgment issued by the court against the ...

Legally proper instrument under seal that transfers title to real property from the seller to buyer. ...

Net amount of cash than an investor requires from an income-producing property, after taxes, for a period of time, usually a year. It is computed by accumulating all rental receipts for the ...

When we talk about adverse environmental impacts, we always refer to the man-made negative impact on the environment. An adverse environmental impact can be defined as negative changes that ...

Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...

Popular Real Estate Questions