New York Conditional Waiver and Release of Lien Upon Final Payment
Overview of this form
The Conditional Waiver and Release of Lien Upon Final Payment is a legal document used by a lienor to waive their lien rights in exchange for final payment. This form specifically protects the lienor by ensuring that the waiver is only effective when they receive collected funds for labor, services, or materials provided to a property owner. It differs from other lien waiver forms as it specifically addresses final payment conditions, adding a layer of security for the parties involved.
What’s included in this form
- Date of the waiver and release.
- Name and address of the lienor.
- Amount of final payment being waived.
- Description of labor, services, or materials provided.
- The specific property involved.
- Conditions regarding the release of the lien upon receipt of payment.
- Signature of the lien holder and notary acknowledgment.
Jurisdiction-specific notes
This form is designed for use in multiple states. Users should ensure compliance with specific state laws regarding lien waivers, as regulations can vary significantly by jurisdiction.
When this form is needed
This form is typically used when a contractor, subcontractor, or supplier has provided materials or services to a property owner and wishes to formally waive their right to place a lien on the property after receiving final payment. It is advisable to use this form in construction or renovation projects to ensure all parties are clear on payment terms and to avoid potential disputes over outstanding payments.
Who can use this document
- Contractors who have completed their work and are awaiting final payment.
- Subcontractors who have provided services on a project.
- Suppliers who have delivered materials to a construction site.
- Property owners seeking to confirm payment terms with their service providers.
How to complete this form
- Fill in the date of the waiver and release.
- Enter the lienor's name and address accurately.
- Specify the amount of final payment being waived.
- Detail the labor, services, or materials provided, including the date of completion.
- Identify the property involved in the transaction.
- Sign the document and have it notarized to confirm authenticity.
Does this form need to be notarized?
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
Common mistakes to avoid
- Not specifying the correct amount of final payment.
- Failing to include a complete description of the services or materials provided.
- Not entering the dates accurately.
- Inadequately signing or notarizing the document, which can render it invalid.
Why complete this form online
- Instant access to the form, allowing for quick and efficient completion.
- Editable templates that can be customized based on specific needs.
- Reliability of professionally drafted legal templates.
- Convenience of downloading and storing documents securely.
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FAQ
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.
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.
The undersigned makes this Waiver specifically for the benefit of the Owner and the Owner's lender, and any other person or entity with a legal or equitable interest in the Property.
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!
Signing an unconditional lien waiver is enforceable even before you get paid. This means that if you sign an unconditional lien waiver before receiving the money and the property owner ends up not paying up, you have already waived your lien rights because you signed the unconditional lien waiver.
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."
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.
New York does not require lien waivers to be notarized.
