Ohio Request for Release of Funds - Corporation
Understanding this form
The Request for Release of Funds - Corporation is a sworn affidavit that corporate original contractors file with the county recorder. This legal document confirms that the contractor has paid in full for all labor and materials provided by themselves as well as any subcontractors or laborers before the closing of a sale. By submitting this affidavit, contractors can ensure that lending institutions are authorized to release payments, in compliance with Ohio Revised Code Section 1311.011(B)(4).
What’s included in this form
- Identification of the corporate original contractor and their address.
- A declaration of payment for all labor, materials, and work performed.
- A list of any unpaid claims, along with the amounts claimed.
- A statement certifying that no other claims exist other than those listed.
- Signature lines for the contractor and witnesses, including a notary acknowledgment section.
When this form is needed
This form is necessary when a corporate contractor needs to certify that all parties involved in a project have been compensated prior to receiving final payments from lending institutions. It is often required in construction contracts or real estate transactions, ensuring that all financial obligations have been met before funds are released.
Who needs this form
- Corporate original contractors who oversee construction projects.
- Corporations involved in real estate transactions requiring proof of payment to contractors and laborers.
- Lending institutions looking for assurance of payment before disbursing funds.
Steps to complete this form
- Identify the parties involved by filling in the corporate contractor's name and address.
- List all subcontractors, suppliers, and laborers who have been paid, ensuring to indicate any unpaid claims separately.
- Sign and date the form, which must be sworn before a notary public.
- Collect witness signatures, if required by local regulations.
- Submit the completed affidavit to the county recorder's office.
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.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to include all unpaid claims or listing incorrect amounts.
- Not obtaining the required notarization for the affidavit.
- Submitting the form after the deadline for payment requests.
Benefits of using this form online
- Convenience of completing the form from anywhere at any time.
- Access to templates that ensure compliance with state laws.
- Editability allows for easy updates to information as needed.
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FAQ
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Create a new operating agreement for the LLC which includes the new ownership information. This voids the existing document that is on file with the Ohio Secretary of State. File the "Domestic Limited Liability Company Certificate of Amendment or Restatement" as required by the Ohio Secretary of State.
