A mechanics lien has been filed against a property. The property owner wants to sell the property. What must happen to clear the lien for closing?
Correct Answer
B) Pay the lien amount or post a bond
To clear a mechanics lien for property sale, the owner must either pay the claimed amount or post a bond equal to 125% of the lien amount to discharge the lien.
Why This Is the Correct Answer
To clear a mechanics lien for property sale, the owner must either pay the claimed amount or post a bond equal to 125% of the lien amount to discharge the lien.
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A contractor's annual revenue is $1,850,000. Their workers compensation insurance has a rate of $4.50 per $100 of payroll, and their annual payroll is $425,000. What is their annual workers compensation premium?
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According to South Carolina mechanics lien law, when must a general contractor provide preliminary notice to property owners?