Construction Lien
A construction lien, also known as a materialmen's or mechanic's lien, is a lien on real property which arises in favor of persons who furnish labor or materials used in constructing a building on, or making improvements to, real property. Once the party has furnished notice to the owner, contractor, and construction lender, the prospective lienor must file a verified statement of lien with the Probate Court of the county where the property is located. When a party perfects a lien according to a statute, the lien relates back to the date when the labor or materials were first provided to the project. Accordingly, a bank's mortgage lien filed subsequent to the date that the materials or labor were first provided would be junior in priority to a properly perfected mechanic's lien. The final step in perfecting the lien is to file suit in the Circuit Court of the county where the property is located.
Related Products
May 21, 2012
Price: $219.00
May 23, 2012
Price: $219.00
Related Information
Articles
- Resolving Problems and Disputes on Construction Projects: Tackling Contract Performance Delays
- Impact of the Federal Stimulus Legislation on the U.S. Construction Industry
- Faulty Workmanship - Accident or Intentional?