A North Carolina Waiver of Lien Claim by Subcontractor is a legal document used in the construction industry to protect subcontractors' rights to payment. When a subcontractor completes work or provides materials to a construction project, they have the right to file a mechanics lien if the general contractor or property owner fails to make payment. This waiver allows the subcontractor to relinquish their right to file a lien against the property in exchange for payment received. It acts as a receipt or proof of payment, acknowledging that the subcontractor has been compensated for their services or materials provided. There are two main types of North Carolina Waiver of Lien Claim by Subcontractor: 1. Conditional Waiver: This type of waiver is executed before the subcontractor receives payment. It states that the subcontractor agrees to waive their right to file a lien upon receiving payment within a specific time frame. However, it is crucial to note that if payment is not received within the designated time, the conditional waiver may become void, and the subcontractor can still pursue their lien rights. 2. Unconditional Waiver: This type of waiver is executed after the subcontractor has received payment. It provides an absolute release of the subcontractor's right to file a lien against the property. By signing an unconditional waiver, the subcontractor confirms that they have been fully compensated and willingly waive any future claim to the property. Subcontractors must carefully consider their options before signing any waiver. They should review the terms of the waiver, payment amounts, and dates to ensure they accurately reflect the agreement between the parties involved. A North Carolina Waiver of Lien Claim by Subcontractor protects both the subcontractor and the property owner, as it ensures payment for services rendered while providing the owner with peace of mind that no future liens will be filed against their property. Keywords: North Carolina, Waiver of Lien, Claim, Subcontractor, construction industry, mechanics lien, legal document, payment, receipt, conditional waiver, unconditional waiver, subcontracting services, materials provided, property owner, peace of mind.
North Carolina Waiver of Lien Claim by Subcontractor
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How to fill out North Carolina Waiver Of Lien Claim By Subcontractor?
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Here is a field-by-field breakdown of this form: 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. ... Maker of the Check. ... Amount of the Check. ... Check Payable To. ... Exceptions.
Under North Carolina law judgment liens expire ten years from entry of the judgement. The bankruptcy, however, can extend the statute of limitations in favor of the pre-petition lien holder in certain circumstances.
In North Carolina, a contractor or subcontractor has 120-days from the last date of furnishing of labor or materials to file and serve a claim of lien on the real property.
Property owners can eliminate a lien through a process called ?bonding off.? This involves purchasing a California Mechanic's Lien Release surety bond for 125% of the amount of the mechanic's lien. The bond will substitute for the real property to guarantee repayment of the debt, and the lien will be released.
A subcontractor's right to a lien through subrogation is waived if the contractor signs a lien waiver before the subcontractor has perfected their lien on the property. North Carolina has no requirement that a lien waiver must be notarized.
In North Carolina, ?any person who performs or furnishes labor or professional design or surveying services or furnishes materials or furnishes rental equipment pursuant to a contract . . . with the owner of real property for the making of an improvement thereon? has a right to file a claim of lien on real property.
About North Carolina Notice of Intent to Lien Form If a party is refusing to pay your claim or ignoring your phone calls, sending a Notice of Intent to Lien to that party, the prime contractor and/or the property owner can let them know you're serious about collecting and prioritize your payment.
In North Carolina, a lien claimant has 120 days from the date of last furnishing to complete these 3 steps: Fill out a mechanics lien form that meets NC requirements. ... File the lien with the county recorder's office. ... Serve a copy of the lien on the property owner.
