What or who is a Mortgagor? What or who is a Mortgagee?
What is and who do mechanics' liens benefit? How?
What or who is a Mortgagor? What or who is a Mortgagee?
What is and who do mechanics' liens benefit? How?
How Mechanics' Liens Benefit:
Mechanics' liens are designed to protect the rights of those who have contributed to the improvement of a property. By filing a lien, a worker or supplier can ensure that they will be paid for their services, even if the property owner fails to pay the general contractor. This provides a valuable legal tool for securing payment for work performed.
In essence, a mechanics' lien gives these individuals a claim on the property itself as security for payment.
If the property owner fails to pay the debt, the lienholder may have the right to foreclose on the property and sell it to satisfy the debt.
A mechanics' lien is a legal claim placed on real property by someone who has provided labor or materials to improve that property. This is often used by contractors, subcontractors, suppliers, and laborers who have not been paid for their work