What does a mechanic's lien signify?

A mechanic's lien signifies unpaid work performed on a property. It is a legal claim that a contractor, subcontractor, or supplier can file against a property when they are not compensated for services or materials provided for improvements on that property. This lien serves to protect the rights of those who contribute labor or materials towards the enhancement of a property, ensuring that they can seek payment. If the property owner does not pay for the work completed, the lien can potentially lead to foreclosure on the property to recover the owed amount. Thus, this mechanism provides a form of security for contractors and suppliers involved in the construction or renovation of a property.