Mechanic's liens in a tough economy

Mechanic's liens can be a great equalizer in the otherwise unequal relationship between project owners and contractors. The lien gives a contractor assurance that if the project owner doesn't pay for goods or services, the contractor or supplier can resort to having the property sold to pay for them. Mechanic's liens are creatures of state statutes, so they vary tremendously as to who has rights, how they are protected and how they are enforced. Despite the problematic real estate market, mechanic's liens still perform their valuable service of assuring a source of payment.