This Extension of Notice of Mechanic's Lien form is for use by an individual lienor to provide notice of the extension of the Notice of Mechanic's Lien by a period of one year under Section 17 of the Lien Law.
Queens New York Extension of Notice of Mechanic's Lien - Individual
Category:
State:
New York
County:
Queens
Control #:
NY-016-09
Format:
Word;
Rich Text
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How to fill out New York Extension Of Notice Of Mechanic's Lien - Individual?
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FAQ
New York Lien Law § 20 provides that an owner may discharge a mechanic's lien by the payment of money into court. Before a lien foreclosure action is commenced, the discharge is effectuated by depositing with the county clerk a payment equal to the amount claimed in the lien, with interest to the time of the deposit.
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.
Mechanics liens in NY must be filed in the clerk's office of the county where the property is located.
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.
The mechanics lien remains valid for one year provided the affidavit of service of lien is properly completed and filed. The one year time period is measured from filing in the County Clerks Office.
The cost for these bonds is between 2-3% of the value of the lien inclusive of court costs. So if a mechanics lien is filed for $500,000.
Deadline to file The general rule: In New York, a lien can be filed any time during the project or within 8 months after completing the contract or last providing labor or materials. If, however, the project is a single-family residence, then the deadline is a shorter: 4 months from completion or final furnishing.
New York Lien Law § 20 provides that an owner may discharge a mechanic's lien by the payment of money into court. Before a lien foreclosure action is commenced, the discharge is effectuated by depositing with the county clerk a payment equal to the amount claimed in the lien, with interest to the time of the deposit.
Generally, a mechanics lien is valid for 1 (one) year after it's filed in New York. Unless the lien is extended, you will need to enforce your lien claim within this deadline.
If you work or provide material to a contractor or subcontractor of a public improvement project for the City, you can file a Notice of Lien. A lien is a legal claim against property for outstanding debt. You can file the notice before the project is completed or within thirty days of completion.