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mechanic's lien

   Also found in: Legal, Encyclopedia, Wikipedia 0.01 sec.
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Noun1.mechanic's lien - lien to secure payment for work and materials in erecting or repairing a building or other structuremechanic's lien - lien to secure payment for work and materials in erecting or repairing a building or other structure
lien - the right to take another's property if an obligation is not discharged
garageman's lien - the extension of a mechanic's lien to include payment for work on automobiles


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For example, the title report obtained by the lender in contemplation of a reverse mortgage may reveal old mortgages that were paid but never satisfied of record, Environmental Control Board (ECB) violations that have become judgments, or mechanic's liens from home repairs--issues which may take substantial time for the title company to clear prior to closing the reverse mortgage.
Suppliers or contractors who have not been paid for rendering services that apply to "fixing, repairing or adding to" a property may file a mechanic's lien against the owner.
The standard exceptions primarily deal with mechanic's lien coverage, survey coverage, unrecorded assessments, and coverage for unpatented mining claims.
 
 
 
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