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

Selling price for a property less assumed mortgages by the buyer. For tax purposes, the computation of the contract price is critical. ...

lender who charges an exorbitant interest rate, which is typically illegal because it exceeds the interest rate allowed in the state. A borrower may go to a loan shark if he cannot obtain ...

A loan that is to be replaced by a permanent loan. ...

Something that has been built and physically exists at a specified location, such as a building, garage, etc. Something consisting of related parts, such as the organization and terms of ...

Precalculated tables providing the present values of $1 or an annuity of $1 for different time periods and at different discount rates. ...

People often use the term in their everyday discourse, yet many wonder what the meaning of common law genuinely implies. Common law refers to a system of jurisprudence based on court ...

Right to an item belongs to the public at large so anyone can use it. An example is a real estate software program that is publicly available by an electronic bulletin board service. ...

Being an administrator in the state where an individual was domiciled at the time of death. The domiciliary administrator is considered the primary and principal estate administrator. ...

Retail businesses next to each other with common walls on each side and the same roof. ...

Popular Real Estate Questions