General Contractor's Affidavit of Completion and Release
Definition and meaning
The General Contractor's Affidavit of Completion and Release is a legal document used to affirm that a construction project has been completed. This affidavit serves to release any claims against the property by contractors, subcontractors, or suppliers involved in the project, ensuring that the property owner or the lender is clear of any potential liens. It protects the interests of all parties by formalizing the completion of the project and confirming that all financial obligations have been satisfied.
How to complete a form
Completing the General Contractor's Affidavit of Completion and Release involves several steps:
- Fill in Owner and Property Details: Provide the name of the property owner and the legal description of the property.
- List Involved Parties: Include the names of the lender, general contractor, and escrow agent.
- Complete Project Information: Indicate the project completion date and confirm that all contractors and suppliers have been paid in full.
- Indicate Lien Status: State whether there are any existing liens on the property. If not, clearly indicate this in the form.
- Sign and Notarize: The affidavit must be signed by the general contractor and notarized to ensure its legitimacy.
Who should use this form
This affidavit is primarily used by general contractors who have completed a construction project. It is relevant for:
- General Contractors looking to finalize their dealings and reassure property owners and lenders of lien clearance.
- Property Owners who want to confirm that they are free from unpaid claims related to the construction work.
- Lenders who require assurance that no liens exist against the property prior to disbursing funds or issuing title insurance.
Key components of the form
The General Contractor's Affidavit of Completion and Release contains several important sections that serve specific purposes:
- Identification of Parties: Names of the owner, general contractor, lender, and escrow agent.
- Project Completion Confirmation: A declaration of the overall completion date and payment status for services and materials.
- Liens and Claims: A statement regarding the absence of any existing liens or claims against the property.
- Indemnity Clause: An agreement for the general contractor to indemnify the escrow agent against potential claims arising from misrepresentations or outstanding issues.
Benefits of using this form online
Using the General Contractor's Affidavit of Completion and Release available online offers several advantages:
- Convenience: Users can access and complete the form from anywhere, at any time, without the need for physical visits.
- Time-saving: Online forms often come with guided prompts that streamline the completion process.
- Reduced Errors: Digital forms may include automated checks to minimize mistakes commonly made in paper forms.
- Immediate Access: Users can download the completed affidavit immediately upon finalization, expediting their process.
What to expect during notarization or witnessing
Notarization is a crucial step in finalizing the General Contractor's Affidavit of Completion and Release. During this process, you can expect the following:
- Identification: The notary will request valid identification to verify the identity of the general contractor.
- Signature: The general contractor must sign the affidavit in the presence of the notary.
- Notary Seal: The notary will affix their seal and provide an official signature, validating the document.
- Record Keeping: The notary may keep a record of the notarization for their own records, which could be necessary if disputes arise in the future.
Form popularity
FAQ
Example: I, Jane Smith, swear that the information in my sworn statement is truthful to the best of my knowledge and understanding. Your statement of truth must be in the first person and you need to identify yourself in it. Keep it short and sweet.
Under the system, document numbers include the letter of the Series, and three digits representing document Type, project type or Delivery method, and Sequence, plus the year of the Edition.
What it is. Document G701?-2017 is used for implementing changes in the work agreed to by the owner, contractor, and architect. Execution of a completed G701 indicates agreement upon all terms of the change, including any changes in the contract sum (or guaranteed maximum price) and contract time.
Document G706 is intended for use when the Contractor is required to provide a sworn statement verifying that debts and claims have been settled, except for those listed by the Contractor under ?EXCEPTIONS? in the document. Document G706 is typically executed as a condition of final payment.
The Final Payment Affidavit is a sworn statement that serves as a comprehensive outline, issued after completion of a project, to notify the property owner of how much money is still owed for materials and services provided.
Provider Certification: I, the undersigned, certify under penalty of perjury that I/my organization received payment by means of the check(s) identified on the Payment Detail Table or Payment Detail Spreadsheet, in the amount stated for the specified invoices from the identified payor.
About G706-1994. What it is. Document G706??1994 requires the contractor to list any indebtedness or known claims in connection with the construction contract that have not been paid or otherwise satisfied.
The American Institute of Architects () creates over 200 contract templates used throughout the construction and architectural industries. These contracts are popular because they reflect the industry consensus on terms and procedures.