Notice Of Non-Responsibility

AAA

DEFINITION of 'Notice Of Non-Responsibility'

A written notice provided by the owner or agent of a project. The notice of non-responsibility shields the owner from any lien stemming from the failure to order labor or supplies necessary to complete the project. This notice is used by landlords with tenants who do improvements on their property.

INVESTOPEDIA EXPLAINS 'Notice Of Non-Responsibility'

Most states requires landlords to fill out notices of non-responsibility in order for them to avoid being stuck with construction bills ordered by the tenant. If the tenant vacates or refuses to pay, then the landlords can get stuck with the bill.

RELATED TERMS
  1. Lien

    The legal right of a creditor to sell the collateral property ...
  2. Levy

    The legal seizure of property to satisfy a debt. In the U.S., ...
  3. Landlord

    A real estate owner who rents or leases land or a building to ...
  4. Impose

    The act of placing a fee, levy, tax or charge on an asset or ...
  5. Encumbrance

    A claim against a property by another party. Encumbrance usually ...
  6. Blanket Lien

    A lien that gives the right to seize, in the event of nonpayment, ...
Related Articles
  1. Build Your Small Business During Downswings
    Options & Futures

    Build Your Small Business During Downswings

  2. 10 Tax Benefits For The Self-Employed ...
    Entrepreneurship

    10 Tax Benefits For The Self-Employed ...

  3. 7 Ways To Avoid Self-Employed Tax Penalties ...
    Options & Futures

    7 Ways To Avoid Self-Employed Tax Penalties ...

  4. Surviving On An Irregular Income
    Options & Futures

    Surviving On An Irregular Income

comments powered by Disqus
Hot Definitions
  1. 80-10-10 Mortgage

    A mortgage transaction in which a first and second mortgage are simultaneously originated. The first position lien has an ...
  2. Passive ETF

    One of two types of exchange-traded funds (ETFs) available for investors. Passive ETFs are index funds that track a specific ...
  3. Walras' Law

    An economics law that suggests that the existence of excess supply in one market must be matched by excess demand in another ...
  4. Market Segmentation

    A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will ...
  5. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  6. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
Trading Center