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Illinois Waiver of Lien

Illinois Waiver of Lien

Name: Illinois Waiver of Lien
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.83 (306 reviews)

Category:

Illinois Liens - Construction

State:

Illinois

Control #:

IL-LR086T

Format:

Instant download

Description

In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials man, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner).

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FAQ

LIen waivers are not required to be notarized. The primary times that a document needs to be notarized is if it is going to be filed with the county recorder or it is an affidavit. There are some other documents that often use notarization, but lien waivers don't fall into any of those that "need to be notarized."

Colorado does not require lien waivers to be notarized in order to be effective.

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 waivers that are given after payment is received and which generally cover payments received in a prior pay period are considered trailing lien waivers.Lien waiv- ers are typically provided with each requisition during the course of the project and at final completion of the project.

A lien waiver is quite common in the construction business. Essentially, it is a document from a contractor, subcontractor, supplier, or another party who holds a mechanic's lien that states they have been paid in full and waive future lien rights to the disputed property.

A lien waiver is signed before a lien is actually filed. The party submitting the lien waiver states that they waive the right to lien against the project. In some instances, the property owner or general contractor may request that you sign and deliver a lien waiver before payment is disbursed.

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!

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.

Illinois Waiver of Lien

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FAQ

Are lien waivers required to be notarized?

Do lien waivers need to be notarized in Colorado?

How do I fill out a final lien waiver?

What is a trailing lien waiver?

How does a lien waiver work?

When should a lien waiver be signed?

How does a release of lien work?

Why are lien waivers required?

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