Notice Of Non-Responsibility

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. Encumbrance

    A claim against a property by a party that is not the owner. ...
  2. Lien

    The legal right of a creditor to sell the collateral property ...
  3. Blanket Lien

    A lien that gives the right to seize, in the event of nonpayment, ...
  4. Impose

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

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

    A real estate owner who rents or leases land or a building to ...
Related Articles
  1. Investing Basics

    How To Value A Real Estate Investment Property

    Two common methods for real estate valuation are the discounted net operating income and gross income multiplier approaches.
  2. Investing Basics

    Top 10 Features Of A Profitable Rental Property

    Owning rental property is a tough business. Here are 10 things you should consider before investing in an income property.
  3. Retirement

    Real Estate Rents Can Fund Your Retirement

    Rental properties can provide a steady source of income in retirement, but it’s not an effortless investment.
  4. Entrepreneurship

    Top 10 Features Of a Profitable Rental Property

    Find out which factors you should weigh when searching for income-producing real estate.
  5. Home & Auto

    4 Ways To Value A Real Estate Rental Property

    Real estate rentals can be a profitable alternative to the buy-and-sell approach if investors know how to make accurate valuations.
  6. Economics

    Who is a Lessor?

    A lessor is the owner of an asset that is leased.
RELATED FAQS
  1. What are some commonly missed deductions for business owners?

    If you own a business, you are eligible to deduct certain business-related expenses. These include deductions for the following: Home ... Read Full Answer >>
  2. Does renters insurance cover storage units?

    An all-perils renters insurance policy provides coverage for the contents of storage units. Most policies limit the amount ... Read Full Answer >>
  3. Does renters insurance cover mold?

    An all-perils renters insurance policy typically provides a low set amount of coverage for damage caused by mold as long ... Read Full Answer >>
  4. Does renters insurance cover theft?

    An all-perils renters insurance policy provides worldwide theft coverage for personal property after a claim exceeds the ... Read Full Answer >>
  5. Does renters insurance cover dog bites?

    A renters insurance policy typically provides liability coverage, up to policy limits, for dog bites unless the coverage ... Read Full Answer >>
  6. Does renters insurance cover bike theft?

    The theft of bicycles is covered under a renters insurance policy up to the insured limits. The theft should be reported ... Read Full Answer >>
Hot Definitions
  1. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  2. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  3. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  4. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
  5. Dark Pool Liquidity

    The trading volume created by institutional orders that are unavailable to the public. The bulk of dark pool liquidity is ...
Trading Center