Lien Release Form For Contractor
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FAQ
Release details: Provide a statement confirming that the borrower has fully repaid the debt and that the lienholder is relinquishing their legal claim on the property or asset. Include the date when the borrower paid off the debt.
Protect Yourself With a Release of Lien (Lien Waiver) Fortunately, it's a simple process. A Lien Waiver is similar to a receipt. It basically states that you've paid the subcontractor what is owed, they accept the payment in full, and they waive the right to put a lien on your property.
In Wisconsin, a lien waiver statement must include the amount of money being paid, any other payments made, and the dates of payments. This document must be provided by the property owner to ensure that financial transactions between contractors and homeowners are valid under the law.
A lien release is a document that is filed in the public land records as the official notice that the lien is removed. Once payment has been received, a contractor has a duty to remove any lien that was filed against the property.
In order to secure the immediate release of the lien, an individual with an interest in the real estate must deposit a sum of money sufficient to pay the total of the amounts claimed in the lien(s) being released, plus fifteen percent of such total (effectively 115% of the amount being claimed in the lien).