Property Ownership
A mechanic's lien may be filed against a property by:
AA mortgage lender when the borrower defaults
BA contractor or supplier who has not been paid for labor or materials✓ Correct
CA local government for unpaid property taxes
DA homeowners association for unpaid dues
Explanation
A mechanic's lien is a legal claim against a property by contractors, subcontractors, or material suppliers who provided labor or materials but were not 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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Math Concepts
State-Specific Concepts
Mechanic's Lien
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