Property Ownership
A mechanic's lien on a Rhode Island property is filed by:
AThe mortgage lender
BA contractor or supplier who has not been paid for work or materials✓ Correct
CThe local municipality for code violations
DThe Rhode Island Division of Taxation for unpaid taxes
Explanation
A mechanic's lien is filed by contractors, subcontractors, or material suppliers who have provided labor or materials for a property but have not been paid. It encumbers the property as security for the unpaid debt.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
State-Specific Concepts
Mechanic's Lien
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