An
intentional or voluntary
relinquishment of right to a
lien.
A signed Lien Waiver is given by
a supplier of materials or services
to the owner of a house or other
structure to formally acknowledge
that there is no right to file a
mechanic's liens. One or more lien
waivers may be critical to the owner
to complete a sale of the property
or to secure financing.
In the course of constructing a
new building or improving an
existing one, the building
contractor or owner will likely
contract with a number of different
companies and individuals. These
suppliers provide materials or
construction services (or both) in
the course of the construction.
These might include plumbers,
electricians, carpenters, lumber
yards, paint sellers and countless
others. Each of these suppliers, if
not paid, probably has the right
under local law to create a lien on
the property to secure payment.
These liens are called "mechanic's
liens."
Both seller
and the buyer should make sure that
no liens are registered on the
property, as any lien preceding the
purchase date will be automatically
carried forward to the new owner.
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