Property Ownership
In South Carolina, what is a 'mechanic's lien'?
AA lien filed by a car repair shop on the property
BA lien filed by contractors, subcontractors, or materialmen for unpaid work or materials on a property✓ Correct
CA government-imposed assessment for street improvements
DA mortgage held by a construction lender
Explanation
A mechanic's lien (or materialman's lien) allows contractors, subcontractors, and suppliers who have performed work or provided materials to a property and have not been paid to file a lien against the property. SC has specific notice and filing requirements.
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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.
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.
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.
Math Concepts
State-Specific Concepts
Mechanic's Lien
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