What is the purpose of a mechanic's lien?

A mechanic's lien serves the purpose of securing payments for contractors, laborers, and suppliers who have worked on a property. When these professionals complete their work, they have the right to place a lien on the property if they are not compensated for their services. This legal claim ensures that the contractor or laborer can recover the debt owed to them through the property's value, providing them with a form of security against non-payment.

This lien gives them a vested interest in the property until they are paid, which could lead to a foreclosure action if the debt remains unpaid. Mechanic's liens are crucial in the construction industry, as they protect the rights of those who contribute to the improvement of a property, ensuring they are compensated fairly for their labor and materials.

The other options, while related to property issues, do not capture the essence of what a mechanic's lien is designed to achieve. Transferring ownership, assessing property taxes, and establishing market value are not the primary functions of a mechanic's lien, which specifically focuses on the financial interests of laborers and contractors in relation to their work performed on a property.