Understanding contractor lien
This is placed by a contractor who did work on a home and is not paid. It states this seller is unable to sell the property until my debts are paid.
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Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,
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What is a Contractor lien or a Mechanics lien? So when a contractor performs work on a home if they are not paid for that work, what they'll do is actually place a lien or an encumbrance on your property that states this seller is unable to sell this property until my debts are paid. Usually when we're doing rehabs, as we go throughout the stages of the rehab, every time a contractor wants payment, we'll ask them for a lien waiver for the portion of the work that they've done. You have to be very careful. There are you know, some unscrupulous contractors out there that even after you get paid or after they get paid, they may put a Mechanics lien or a Contractor lien on your property. So always make sure that if you're paying a contractor, that there is a receipt for the payment and that you receive a lien waiver from them so that they can not encumber your home.
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