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

Also called biannual; twice a year. An example is when lease payments are due January 1 and July 1. ...

List of dwelling units, such as homes. ...

Net return rate earned on an equity investment in real estate after deducing any interest costs and taxes. ...

Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...

Geographic location that is gradually being developed as an urban area. ...

People often ask themselves, what does interim mean? By definition, interim means a break or pause in a particular activity. As an adjective, interim means a temporary, provisional, or ...

Pledge of personal property, e.g., furniture, as collateral for a note. If the debt is not paid, the holder of the mortgage will receive the mortgaged property. See also mortgage. ...

Charges incurred in making a sale of real estate such as real estate commissions and attorney fees. ...

Right to property depends on some occurrence. ...

Popular Real Estate Questions