Lien On Construction Project

Q: What is another name for a construction lien?

A contractor&#039;s lien (often known as a mechanic&#039;s lien, or a construction lien) is a claim made by contractors or subcontractors who have performed work on a property, and have not yet been paid.

Category:

Liens - Construction - Mechanics

State:

Multi-State

Control #:

US-01740

Format:

Instant download

Description

The Lien on Construction Project form is a legal document used by contractors, subcontractors, and material suppliers to waive their lien rights after receiving final payment for services rendered on a construction project. This form simplifies the process of clearing any claims to ensure that payments are properly documented and acknowledged. Key features include a section for detailing the final payment amount, the date through which services were provided, and the specifics of the property and customer involved. Users should fill in the blank spaces with the appropriate details, such as the payment amount and relevant dates, ensuring that all information is accurate to prevent any future disputes. The form serves multiple purposes for various audiences. Attorneys can utilize it to advise clients on lien rights, while partners and owners may use it to protect their interests during project completion. Associates, paralegals, and legal assistants can aid in preparing and filing this document to ensure compliance with state lien laws. It is essential to understand local regulations regarding liens, as these can vary significantly by jurisdiction. This document ultimately helps streamline payment processes and minimizes legal risks in construction projects.

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FAQ

Property Tax Liens On January 1 of each year, a lien is attached to all Texas properties that still have outstanding property tax balances. The lien will be extinguished once the outstanding balance (including all penalties and interest) has been paid in full.

A contractor or subcontractor can file a construction lien against a property if the owner has not paid for work done on it. A lien makes it difficult or impossible to sell or refinance a property.

A contractor's lien (often known as a mechanic's lien, or a construction lien) is a claim made by contractors or subcontractors who have performed work on a property, and have not yet been paid.

In the construction industry a mechanics lien (also known as a construction lien or contractors lien) happens when a contractor performs work that will permanently improve a property, but does not receive payment for the completed work.

In addition to a statutory Lien, the TEXAS CONSTITUTION, ARTICLE XVI, SECTION 37, provides certain Original Contractors (those who have a direct contract with the Property Owner or the Owner's Agent) with a second basis for a Lien, known as a ?constitutional Lien.? Unlike a statutory Lien (which must be filed within a ...