Pursuant to 770 ILCS 60/5, this form is for an individual contractor to give an owner notice of all parties who are to furnish labor or materials and the amounts due. Merchants and dealers in materials are not required to give this statement.
Illinois Contractor's Verified Statement of Labor and Materials and amount due - Mechanic Liens - Individual
Category:
State:
Illinois
Control #:
IL-01-09
Format:
Word;
Rich Text
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How to fill out Illinois Contractor's Verified Statement Of Labor And Materials And Amount Due - Mechanic Liens - Individual?
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FAQ
What Is a Mechanics' (Construction) Lien? When a contractor files a mechanics' (construction) lien on your home, the lien makes your home into what's called security for an outstanding debt, which the contractor claims is due and unpaid for services or materials.
A construction lien is a claim made against a property by a contractor or subcontractor who has not been paid for work done on that property. Construction liens are designed to protect professionals from the risk of not being paid for services rendered.
A mechanic's lien is a guarantee of payment to builders, contractors, and construction firms that build or repair structures. Mechanic's liens also extend to suppliers of materials and subcontractors and cover building repairs as well.
Mechanic's liens are legal documents that essentially reserve the rights of the filer to seek unpaid compensation. They are usually filed by contractors, subcontractors, or suppliers that never received payment for work that they performed or materials that they provided on the property.
A construction mechanics lien is claimed against real estate property, and the lien must be filed in the appropriate office in order to be valid.Additionally, construction liens have strict timing and notice requirements.
Mechanic's lien: A mechanic's lien is a lien placed on your property for nonpayment for work you had done on the property.A lis pendens isn't a lien but instead is a notice of a potential future lien. It's recorded in the public records to give notice to future buyers of the real estate.
Negotiate with the contractor who placed the lien (the "lienor" to remove it. Obtain a lien bond to discharge the lien, or. File a lawsuit to vacate the lien.
In order to enforce a lien, the contractor, subcontractor or supplier must file a lawsuit. The deadline to file a lawsuit is two years from the last date work was performed or materials were supplied. A recorded lien is valid for these two years, but a failure to sue within that time frame voids the lien.
The people who can file mechanic's liens are identified by state law. A subcontractor or supplier to a subcontractor may not be able to file a lien. Also, unlicensed contractors are often barred from filing a mechanic's lien.