Property Ownership

A mechanic's lien in Arkansas is filed by:

AA mortgagee to protect their security interest

BA contractor, subcontractor, or material supplier who has not been paid for labor or materials on the property✓ Correct

CThe county assessor to secure unpaid property taxes

DA judgment creditor after winning a civil lawsuit

Explanation

A mechanic's lien (materialman's lien) is a specific lien placed on real property by contractors, subcontractors, or suppliers who provided labor or materials to improve the property but have not been paid.

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Key Terms to Know

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

Discount Points

Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Easement

A non-possessory right to use another person's land for a specific purpose.

State-Specific Concepts

Mechanic's Lien

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Property Ownership Guide

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