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.

BREAKING DOWN '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. Rent Guarantee Insurance

    Insurance bought by a tenant that pays the monthly rent for a ...
  2. Sublease

    A real property rental agreement between an original tenant and ...
  3. Notice To Creditors

    A public notice to the creditors and debtors of an estate. The ...
  4. Holdover Tenant

    A renter who remains in a property after the expiration of the ...
  5. Notice Of Default

    A public notice filed with a court stating that a mortgage borrower ...
  6. Tenancy In Common

    A way for two or more people to have equal ownership interests ...
Related Articles
  1. Managing Wealth

    4 Things Landlords Aren't Allowed To Do

    Whether you're a landlord or a tenant, you need to know the rules.
  2. Investing

    Top 4 Nightmares For Real Estate Investors

    Renting out your property is not without risks; the good news is, they don't have to keep you up at night.
  3. Investing

    The Complete Guide To Becoming A Landlord

    Being a landlord can be a fulfilling and financially rewarding experience. However, the decision to become a landlord should not be taken lightly.
  4. Managing Wealth

    Top 5 Ways to Protect Yourself Against Problem Renters

    Renting seems like the perfect way to mitigate the costs of an extra home that won’t sell; the intended course of action when a property was purchased for an unbelievable price, or many of the ...
  5. Financial Advisor

    3 Things to Consider When Renting By the Room

    Although renting by the room can increase returns on rental property, it does come with a few caveats.
  6. Investing

    5 Tips For Finding A Good Landlord

    A bad landlord can ruin the best rental property. Find out how to find an honest landlord that you can rely on.
  7. Managing Wealth

    11 Mistakes Inexperienced Landlords Make

    Avoid these pitfalls if you considering purchasing a rental property.
RELATED FAQS
  1. What are the three "nets" of an NNN lease?

    Learn what the three "nets" are in an NNN lease and how they affect the responsibilities of both landlord and tenant in a ... Read Answer >>
  2. What are the differences between single, double and triple-net leases?

    Learn the ins and outs of net lease agreements, including the key differences between single net, double net and triple net ... Read Answer >>
  3. Is a waiver of subrogation clause better for a tenant or a landlord?

    Find out why a waiver of subrogation clause is important to include in a lease agreement, and understand how it affects landlords ... Read Answer >>
  4. After a federal covered security has filed notice with the Administrator for an ...

    The correct answer is b. Notice filings are required under the Act for both initial and secondary offerings of federal covered ... Read Answer >>
  5. Can unearned rent be considered deferred revenue?

    Learn whether unearned rent can be considered deferred revenue. Understand what accounting practices are used to account ... Read Answer >>
Hot Definitions
  1. Run Rate

    1. How the financial performance of a company would look if you were to extrapolate current results out over a certain period ...
  2. Hard Fork

    A hard fork (or sometimes hardfork) is a radical change to the protocol that makes previously invalid blocks/transactions ...
  3. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  4. Ethereum

    Ethereum is a decentralized software platform that enables SmartContracts and Distributed Applications (ĐApps) to be built ...
  5. Zero Day Attack

    Zero Day Attack is an attack that exploits a potentially serious software security weakness that the vendor or developer ...
  6. Effective Tax Rate

    The average rate at which an individual or corporation is taxed. The effective tax rate for individuals is the average rate ...
Trading Center