Escrow & Title
A Pennsylvania property has a mechanic's lien filed against it. This means:
AThe owner owes money to the county
BA contractor or subcontractor has filed a lien for unpaid labor or materials✓ Correct
CThe property has an environmental violation
DThe lender has accelerated the mortgage
Explanation
A mechanic's lien is a statutory security interest allowing contractors, subcontractors, and material suppliers who have not been paid for work or materials to file a lien against the property. In Pennsylvania, mechanic's liens must be filed within 6 months of completion of work.
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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 PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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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