New Mexico Unconditional Waiver and Release of Lien Upon Final Payment
Overview of this form
The Unconditional Waiver and Release of Lien Upon Final Payment is a legal document used by contractors and suppliers in construction and contracting. This form serves to formally waive a lien claim for services or materials provided once final payment has been received. Unlike conditional waivers, which depend on the payment being made, this form guarantees that once the payment is completed, no further lien claims can be made for the work performed or materials supplied up to that date.
Main sections of this form
- Name and contact details of the lienor.
- Details of the final payment amount.
- Date of payment and work completion up to.
- Identification of the customer and property owner.
- Property description, ensuring it includes necessary legal identifiers.
- Signature and printed name of the lien holder.
When this form is needed
This form is essential when a contractor, subcontractor, or supplier has completed their work and received the final payment from the property owner. It should be used to ensure there are no future claims against the property concerning unpaid dues or the provision of labor and materials. It is commonly utilized in the real estate, construction, and renovation sectors to facilitate smooth financial transactions.
Who should use this form
- Contractors and subcontractors who have provided services to a property.
- Suppliers of materials related to the construction or renovation of a property.
- Property owners looking to settle payments and secure a release from potential lien claims.
Instructions for completing this form
- Identify and enter the lienor's name and contact information.
- Specify the final payment amount that has been received.
- Fill in the date of the payment and the completion date of the work performed.
- Clearly indicate the name of the customer and the property owner.
- Provide a thorough description of the property to avoid ambiguity.
- Ensure the lien holder signs and prints their name at the end of the document.
Notarization guidance
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Avoid these common issues
- Not including a detailed property description.
- Failing to specify the final payment amount accurately.
- Overlooking the requirement for a signature by the lien holder.
- Using the form without ensuring it complies with local laws.
- Not providing complete contact information for the lienor.
Why use this form online
- Convenient access to customizable templates at any time.
- Easy editing options allow for accurate information to be inputted quickly.
- Documents are prepared with input from licensed attorneys, ensuring reliability.
- Instant download capability for immediate use.
- Lower risk of errors with structured formatting.
Form popularity
FAQ
An "Unconditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of the payment. A "Conditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of the final payment with certain provisions.
An "Unconditional Waiver and Release Upon Progress Payment" discharges all claimant rights through a specific date with no stipulations. A "Conditional Waiver and Release Upon Progress Payment" discharges all claimant rights through a specific date, provided the payments have actually been received and processed.
An unconditional release means that there are no restrictions on the release of the lien. This type of lien release is often used in final project documents to confirm that the project is complete, payment has occurred, and you release all future rights to file liens on the project.
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. Simply present this form to the subcontractor with your payment and ask them to sign it. Make sure you get their signature!
A conditional offer letter has specific conditions with it. It means you need to have certain grades or marks for the same, whereas unconditional offer letter has no conditions with it, and reflects that your grades, whether high or low, have been accepted by the University.
Name of Claimant. This is the name the party to be paid, and the party who will be signing the lien waiver document. Name of Customer. Job Location. Owner. Exceptions. Claimant's Signature. Claimant's Title. Date of Signature.
Lien release/cancellations must be recorded, and not just emailed or faxed between parties. Lien waivers, on the other hand, are just exchanged between the parties. For lien waivers, electronic signatures are perfectly acceptable.
An unconditional mechanic's lien waiver states the contractor has in fact been paid in full for the stated work. Write the name of the maker of the check in the space provided on the mechanic's lien release form. Fill in the amount of the payment. Write the name of contractor the payment is being made to.
The main purpose of a lien waiver is to provide protection to the paying party. In exchange for such payment, the lien waiver waives the payee's right to file a lien for the exact value of the payment they have received.
