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
A mortgage provides the right to the bank to have a lien on the financed property with the borrower having title to the property. ...
tenancy having no written lease or contract. A periodic tenancy can be on a month-to-month or week-t-week basis. ...
Physical decline in a property's value caused from use, old age, and environmental factors. ...
The person giving property or establishing a trust. ...
Formal or legal description of property and its dimensions included in deeds, leases, listing agreements, rental agreements, and sales contracts. ...
Discounted value of net cash receipts to be obtained from a property. The present value calculation includes consideration of annual cash inflows plus the disposal value. ...
The definition of a will is an individual's written statement of how he or she wants their property to be distributed upon death. There must be witnesses for the will to be enforceable. ...
The term market segmentation is mostly used in marketing for assembling prospective buyers in groups based on their needs and their response to a marketing action. One definition of market ...
Real property usable in a trade or business. Such as, the property on a which retail store, hotel, or office building are located. ...
Have a question or comment?
We're here to help.