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
One who acts as a witness and fives written testimony under oath. ...
Distance from the location of natural ground and water to the actual ground level. ...
Any gain or loss from selling of capital assets. The gain or loss is the difference between the net selling price and cost basis. The two types of capital gains or losses for tax purposes ...
Properties that about and actually touch and share a common border. Properties B and C are contiguous. Property A is adjacent to properties B and C, but it is not contiguous. ...
person's behavior partly genetic and partly learned through experience over time. Some people have good personal traits while others have poor ones. ...
Any walls constructed without using concrete or mortar. Drywall materials include sheetrock, gypsum, plywood, Styrofoam, and pressed fiver. See also drywall construction. ...
Document between two or more parties indicating a need to take or not take a previous action taking place. For example, a bank may commit to make a loan dependent on a satisfactory credit ...
Buyer who is acting in good faith, is not aware of any outstanding claims or rights of others to the property, and has given valuable consideration as part of the business transaction. ...
A joist to which a ceiling is attached. A ceiling joist usually consists of several small 2 x 4 boards nailed or mortised to the sides or bottom of overhead joists to which the ceiling is ...
Have a question or comment?
We're here to help.