Lien Release Bond For James

State:
California
Control #:
CA-011A-09
Format:
Word; 
Rich Text
Instant download

Description

This form is used by the business entity owner (corporation or limited liability company) to give notice that a lien release bond has been obtained and recorded. The property is released from the lien as soon as the lien release bond is recorded.

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  • Preview Notice of Lien Release Bond - Construction Liens - Civil Code Section 8424 - Business Entity
  • Preview Notice of Lien Release Bond - Construction Liens - Civil Code Section 8424 - Business Entity
  • Preview Notice of Lien Release Bond - Construction Liens - Civil Code Section 8424 - Business Entity
  • Preview Notice of Lien Release Bond - Construction Liens - Civil Code Section 8424 - Business Entity

How to fill out California Notice Of Lien Release Bond - Construction Liens - Civil Code Section 8424 - Business Entity?

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FAQ

A Discharge of Mechanic's Lien Bond amount will always be at least 110% of the lien face value. For example, if the lien is for $50,000, then the Mechanic's Lien Bond amount will usually have to be at least $55,000.

The process of bonding off a mechanics lien starts after a claimant has filed a mechanics lien. After the claim is made, a general contractor or a property owner can contact a surety bond company to purchase a surety bond that replaces the value of the lien that was filed against the property.

If the lien amount is equal to or lesser than $40,000, the lien discharge bond must be equal to no less than twice the amount of the lien. If the lien is greater than $40,000 then the bond may be issued in an amount equal to one and one half of the lien.

When a lien is bonded off, a payment bond is available to pay off the lien. This provides a guarantee for payment to the construction firm and allows the property owner to be able to sell, finance or transfer the property without fear of a lien on the title.

A Mechanic's Lien Release Bond allows property owners to do with their property what they would if a lien was not present: sell the property, get further remodeling done, etc. In a way, it works as an extension of credit. The bond proves that the property owner has sufficient funds to pay the people involved.

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Lien Release Bond For James