A construction lien is a legal claim that a contractor, subcontractor, or supplier can file against a property owner in order to secure payment for work that was performed on the property. Construction liens are also sometimes referred to as "mechanics liens." In order for a construction lien to be placed on a property, the contractor, subcontractor, or supplier must first provide the property owner with a notice of their intention to file a lien. If the property owner does not pay the amount owed within a certain period of time, the contractor, subcontractor, or supplier can then file a lien against the property. Once a lien is filed, the property owner will be required to pay the amount owed plus any interest and legal fees before they will be able to sell or refinance the property. What's another word for lien? A lien is a legal claim or right against a property, typically for the satisfaction of a debt or obligation. So, another word for lien could be "claim" or "encumbrance". Which liens are correctly identifies as general or specific? A general lien is a lien that is not specific to any particular property. A specific lien is a lien that is placed on a specific piece of property. What is the legal term for lien? A lien is a legal claim or right against a property that secures payment of a debt or other obligation. A lienholder has the right to force the sale of the property to satisfy the debt. What is the most common lien on property? The most common type of lien on property is a mortgage. A mortgage is a loan that is secured by a piece of real estate. The property serves as collateral for the loan. If the borrower defaults on the loan, the lender may foreclose on the property.
What are the 5 general kinds of lien?
1. Tax liens: A tax lien is a legal claim filed by the government on a property in order to secure payment of taxes owed.
2. Judgment liens: A judgment lien is a legal claim filed by a creditor in order to secure payment of a debt owed.
3. Mechanics liens: A mechanics lien is a legal claim filed by a contractor or subcontractor in order to secure payment for work performed on a property.
4. Homeowner association liens: A homeowner association lien is a legal claim filed by a homeowners association in order to secure payment of dues or assessments owed.
5. Mortgage liens: A mortgage lien is a legal claim filed by a lender in order to secure payment of a loan.