The Wisconsin General Contractor’s Affidavit of Completion and Release is a document that is used to indicate that the contracted work has been completed and that the contractor is no longer liable for the job. The document is signed by the contractor and the owner of the property, and in some cases is also signed by the contractor’s subcontractors. The document indicates that the contractor has met all the agreed-upon terms of the contract, and that all payments have been made in full. The document also releases the contractor from all liability, including any potential claims that may arise from the completion of the contracted work. There are two types of Wisconsin General Contractor’s Affidavit of Completion and Release: the standard version and the special warranty version. The standard version is used in most cases, while the special warranty version is used in cases where there are special warranties to protect the owner from potential claims.
Wisconsin General Contractor's Affidavit of Completion and Release
Description
Definition and meaning
The Wisconsin General Contractor's Affidavit of Completion and Release is a legal document used in construction projects. It serves to affirm that a general contractor has completed the construction work on a property and releases any claims for lien against that property. This affidavit is often critical in real estate transactions, particularly when dealing with financing and title insurance.
How to complete a form
To complete the Wisconsin General Contractor's Affidavit of Completion and Release, follow these steps:
- Start by entering the name of the property owner and the property address.
- Provide details about the lender and the general contractor.
- Indicate the title commitment number.
- Fill in the date the project was fully completed.
- List any potential lien claims if applicable, or state none.
- Sign the affidavit in the presence of a notary public.
Who should use this form
This affidavit is primarily beneficial for general contractors who wish to finalize their claims on a project. It is also useful for property owners and lenders to ensure that all payments related to the construction have been settled, providing clear title status. Using this form helps avoid future legal complications regarding lien claims.
Key components of the form
The Wisconsin General Contractor's Affidavit of Completion and Release includes several key components:
- Property Information: Details about the property being improved.
- Project Completion Date: Verification of when the construction was completed.
- Payment Confirmation: Assurance that all contractors, subcontractors, and suppliers have been paid.
- Lien Disclaimer: A statement indicating whether any liens exist related to the project.
Legal use and context
This affidavit is often required by lenders and title insurance companies to issue policies on properties where construction has taken place. By providing this affidavit, general contractors help ensure that there are no outstanding claims or liens that could jeopardize the title of the property. It is a vital step in the closing process of real estate transactions.
Common mistakes to avoid when using this form
When completing the Wisconsin General Contractor's Affidavit of Completion and Release, be aware of these common pitfalls:
- Not providing accurate property information, which can lead to title disputes.
- Failing to indicate any existing liens accurately.
- Not signing the document in front of a notary public, which is required for it to be legally valid.
How to fill out Wisconsin General Contractor's Affidavit Of Completion And Release?
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FAQ
I declare that, to the best of my knowledge and belief, the information herein is true and complete. I understand this statement is made for use as evidence in court and is subject to penalty for perjury.
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.
The purpose of a sworn statement is to track the payments being made to contractors and suppliers and to protect the owner from unexpected liens or claims.
How to Write a Sworn Statement The name, age, occupation, and address of the declarant. A detailed account of the incident or events being recited. An endorsement paragraph stating that the sworn statement is true and subject to a penalty of perjury. The signature of the declarant. The date on which the document was created.
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.