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Last Updated on Saturday, 27 February 2010 16:17
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Last Updated on Monday, 18 January 2010 23:21
FREQUENTLY ASKED QUESTIONS ABOUT MECHANICS LIENS
FREQUENTLY ASKED QUESTIONS ABOUT MECHANICS LIENS
1. WHAT IS A MECHANICS LIEN? A VALID MECHANICS LIEN GIVES AN UNPAID CONTRACTOR A PARTIAL OWNERSHIP INTEREST IN THE PROPERTY WHERE THE CONSTRUCTION WORK WAS DONE.
2. HOW CAN A MECHANICS LIEN HELP ME GET PAID? IT CAN HELP IN TWO WAYS. FIRST, UNLESS THE OWNER ESCROWS MONEY TO COVER THE AMOUNT MONEY CLAIMED BY THE CONTRACTOR, IT PREVENTS THE PROPERTY OWNER FROM SELLING OR REFINANCING THE PROPERTY. SECOND, IF A CONTRACTOR TAKES THE PROPERTY OWNER TO COURT TO ENFORCE THE LIEN AND WINS THE LAWSUIT, THE CONTRACTOR CAN FORECLOSE (THAT IS, HAVE THE COURT ORDER THE PROPERTY SOLD AT AUCTION) ON THE PROPERTY, JUST LIKE A BANK DOES WHEN THE MORTGAGE IS NOT PAID.
3. WHO CAN CLAIM A MECHANICS LIEN? ANY UNPAID CONTRACTOR, SUB – CONTRACTOR, OR MATERIAL SUPPLIER THAT MADE IMPROVEMENTS TO THE PROPERTY.
4. HOW DO I MAKE A CLAIM FOR LIEN? THE CLAIM MUST BE MADE ACCORDING TO THE ILLINOIS MECHANICS LIEN ACT AND RECORDED WITH THE OFFICE OF THE RECORDER OF DEEDS IN THE COUNTY WHERE THE PROPERTY IS LOCATED.
5. ARE THERE TIME LIMITS? YES, STRICT ONES. THE TIME LIMITS VARY DEPENDING ON THE TYPE OF PROPERTY WHERE THE WORK WAS DONE, WHETHER YOU WERE A GENERAL CONTRACTOR OR A SUB – CONTRACTOR, AND OTHER FACTORS.
By Mike Davis, Esq., www.ContractorsRights.com
Home Repair and Remodeling Act
Home Repair and Remodeling Act
Before initiating any remodeling/repair work over $1,000 on a residence, remember to comply with the Home Repair and Remodeling Act by giving the homeowner a “Know Your Rights” brochure. A contractor who failed to do this was unable to recover the balance owed for its work from the homeowner because of such a violation.
If you are a subcontractor working on an owner-occupied single-family home, remember to give the homeowner a notice, within 60 days from starting your work, that you have been hired by the general contractor on the project. If you fail to do so, you may not be able to place a legally valid mechanics lien in the event that the homeowner or general contractor does not pay.
By Lucas M. Fuksa, Esq. www.fklawfirm.com
