Escrow & Title
A mechanic's lien in Virginia is filed by:
AA lender whose borrower has defaulted
BA contractor or supplier who has not been paid for labor or materials✓ Correct
CThe locality for unpaid property taxes
DVREB for license violation fines
Explanation
A mechanic's lien (materialman's lien) is a claim against real property by contractors, subcontractors, or material suppliers who have not been paid for work or materials provided to improve the property.
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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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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.
Math Concepts
State-Specific Concepts
Mechanic's Lien
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