ID Underwriting References - Revision history

Ambersowell at 19:59, 1 June 2021

2021-06-01T19:59:24Z

Ambersowell: Created page with "==Construction Liens== ====Overview==== Construction liens in Idaho are also referred to as "Mechanics'" and "Materialmen's" liens throughout the Idaho Statutes. ====Sources==..."

2021-06-01T19:40:11Z

Created page with "==Construction Liens== ====Overview==== Construction liens in Idaho are also referred to as "Mechanics'" and "Materialmen's" liens throughout the Idaho Statutes. ====Sources==..."

New page

==Construction Liens==
====Overview====
Construction liens in Idaho are also referred to as "Mechanics'" and "Materialmen's" liens throughout the Idaho Statutes.
====Sources====

[https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/ ID Code §§ 45-501 ''et seq.'']

====Authorized Claimants====

For the purposes of construction of any improvement upon real property at the instance of the property owner or construction agent of the owner, the following people may file a construction lien:

* Any person performing labor related to the construction;
* Any person providing supplies or materials to be used in the construction;
* Any person renting, leasing, or otherwise supplying of equipment for the construction; or
* Any professional engineer or licensed surveyor who establishes or marks the boundaries of, prepares maps, plans, or specifications for, or inspects, tests, or otherwise performs any other architectural or engineering services for the improvement of real property.

[https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-501/ ID Code § 45-501]

====Lien Priority====

A perfected claim of lien shall be prior to any lien, mortgage, deed of trust, or other encumbrance which attached to the land after or was unrecorded at the time of commencement of labor, professional services or the furnishing of materials or equipment.

[https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-506/ ID Code § 45-506]

====Notices and Registries====

Idaho statutes do not require notice of a lien other than the recording and service of the lien claim itself.

====Perfecting a Lien====

A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.

To perfect a construction lien, a claim must be filed with the recording officer of the county in which the real property is located.

The claim must contain:
* A statement of demand;
* The name of the owner, if known;
* The name of the person by whom he/she was employed or to whom he/she furnished materials; and
* A description of the property, sufficient for identification.

The claim must also include a verified oath by the claimant, or someone authorized to act on their behalf, to the truth and accuracy of the claim.

A copy of the claim shall be served on the owner no later than five (5) business days following the filing of the claim of lien.

[https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-507/ ID Code § 45-507]

====Enforcement Deadlines====

A construction lien encumbers real property for six (6) months after the claim of lien has been recorded with the county, unless a lawsuit is filed to enforce the lien within that time frame.

If the claim of lien lists a payment on account or extension of credit given with an expiration date, the lien will then encumber the subject real property for six (6) months after the date of such payment or expiration of the extension.

A final judgment on a lien will expire ten (10) years from the date the judgment becomes final.

[https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-510/ ID Code § 45-510]

====Releases====

1. Bond

A property owner may remove a perfected construction lien from the subject property by obtaining a surety bond. The bond must be 1.5 times the lien claim amount. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-519/ ID Code § 45-519]

The debtor must file a petition with the district court where the property is located in order to release the lien via the bond. A hearing on the petition will be held at least five (5) days but not more than ten (10) days after the entry of the order granting the hearing. Service on the claimant at least two (2) days prior to the hearing is required. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-520/ ID Code § 45-520]

Given the bond meets the statutory requirements, the court will enter an order releasing the construction lien. Upon entry of the order, the lien is released of record in its entirety and the real property is released from the encumbrances of the lien. There is no appeal from this order. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-521/ ID Code § 45-521]

2. Release

A release of a construction lien may also be recorded with the county. It must reference the original construction lien recording document information and property that is subject to the lien. It must state the lien is paid in full and that the construction lien is released. It must also be signed by the original lien claimant.

==Foreclosure Review==
*Idaho provides for a non-judicial foreclosure of a Trust Deed (aka Deed of Trust) with no right of redemption after the Sale on the courthouse steps. [[Statutes. https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH15/|ID Code §45-15]]
*Judicial Foreclosure is also available and Redemption Rights are preserved, as is ability to obtain deficiency judgment. [https://legislature.idaho.gov/statutesrules/idstat/Title6/T6CH1/ ID Code § 6-1.]

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 ==Construction Liens==
 ====Overview====
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 *Idaho provides for a non-judicial foreclosure of a Trust Deed (aka Deed of Trust) with no right of redemption after the Sale on the courthouse steps. [[Statutes.  https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH15/|ID Code §45-15]]
 *Judicial Foreclosure is also available and Redemption Rights are preserved, as is ability to obtain deficiency judgment. [https://legislature.idaho.gov/statutesrules/idstat/Title6/T6CH1/ ID Code § 6-1.]