Table of Contents
The Chicago Title Waiver Format form serves as an essential document in the construction and real estate industries, particularly in Illinois. This form is utilized by contractors and subcontractors to formally waive their right to file a mechanics' lien against a property for labor and materials supplied. It outlines the terms under which the undersigned acknowledges receipt of payment and releases any claims related to the work performed on a specific property. Key components of the form include the identification of the parties involved, the description of the premises, and the total contract amount, which may include extras such as change orders. Furthermore, the form requires a sworn affidavit from the contractor, affirming the accuracy of the information provided and disclosing any outstanding claims related to the project. The document also includes a section for notary acknowledgment, ensuring its validity and compliance with legal standards. By completing this form, all parties can help prevent disputes regarding payment and ensure that the project proceeds smoothly without the risk of liens being placed on the property.
Document Specifics
| Fact Name | Details |
|---|---|
| Document Purpose | The Chicago Title Waiver Format form serves to waive any mechanics' lien claims against a property for services or materials provided. |
| Governing Law | This form is governed by the mechanics' lien statutes of the State of Illinois. |
| Consideration | The undersigned acknowledges receipt of a specified dollar amount and other valuable considerations in exchange for the waiver. |
| Extras Definition | Extras include change orders, both oral and written, that may affect the contract and are acknowledged in the waiver. |
| Affidavit Requirement | The contractor must provide an affidavit confirming the accuracy of the waiver and the absence of outstanding claims or contracts. |
| Notary Requirement | The document must be subscribed and sworn before a notary public to ensure its validity and enforceability. |
Similar forms
- Mechanics Lien Waiver: Similar to the Chicago Title Waiver Format, a mechanics lien waiver also serves to release any claims or liens against a property for services rendered or materials supplied. Both documents ensure that the contractor or supplier cannot later claim payment for work completed.
- California Civil Form: This essential document, specifically the Civil Case Cover Sheet, is mandatory for initiating a civil action in California. For more information and to complete the form, you can visit California PDF Forms.
- Conditional Waiver and Release: This document is used when payment is promised but not yet received. Like the Chicago Title Waiver, it protects the property owner by ensuring that no lien will be placed on the property as long as payment is made, thus providing a level of assurance to both parties.
- Unconditional Waiver and Release: This is a stronger version of the conditional waiver, as it releases all claims immediately upon signing. It is akin to the Chicago Title Waiver, as both documents eliminate any potential for future claims regarding the work performed.
- Subcontractor Waiver: A subcontractor waiver is specifically tailored for subcontractors who wish to waive their lien rights. Similar to the Chicago Title Waiver, it confirms that the subcontractor has received payment and will not pursue any claims against the property.
- Final Waiver and Release: This document is issued at the end of a project, confirming that all payments have been made and that no further claims will be pursued. It parallels the Chicago Title Waiver in its purpose of providing peace of mind to property owners.
- Owner's Affidavit: This document is a declaration by the property owner affirming that all contractors and subcontractors have been paid. It is similar to the Chicago Title Waiver in that it aims to clarify the status of payments and prevent future claims against the property.
Chicago Title Waiver Format Example
COMPANY NAME
WAIVER OF LIEN TO DATE |
|
S STATE OF ILLINOIS |
Gty # |
COUNTY OF |
Escrow # |
TO WHOM IT MAY CONCERN: |
|
WHEREAS the undersigned has been employed by |
|
to furnish |
|
for the premises known as |
|
of which |
is the owner. |
THE undersigned, for and in consideration of
($) Dollars, and other good and valuable considerations, the receipt whereof is hereby acknowledged, do(es) hereby waive and release any and all lien or claim of, or right to, lien, under the statutes of the State of Illinois, relating to mechanics’ liens, with respect to and on said
INCLUDING EXTRAS.* DATE
ADDRESS
SIGNATURE AND TITLE _______________________________________________________________________________
*EXTRAS INCLUDE BUT ARE NOT LIMITED TO CHANGE ORDERS, BOTH ORAL AND WRITTEN, TO THE CONTRACT
CONTRACTOR’S AFFIDAVIT
STATE OF ILLINOIS
COUNTY OF |
|
TO WHOM IT MAY CONCERN: |
|
THE UNDERSIGNED, (NAME) |
BEING DULY SWORN, DEPOSES |
AND SAYS THAT HE OR SHE IS (POSITION) |
OF |
(COMPANY NAME) |
WHO IS THE |
CONTRACTOR FURNISHING |
WORK ON THE BUILDING |
LOCATED AT |
|
OWNED BY |
|
That the total amount of the contract including extras* is $ |
on which he or she has received payment of |
$prior to this payment. That all waivers are true, correct and genuine and delivered unconditionally and that there is no claim either legal or equitable to defeat the validity of said waivers. That the following are the names and addresses of all parties who have furnished material or labor, or both, for said work and all parties having contracts or sub contracts for specific portions of said work or for material entering into the construction thereof and the amount due or to become due to each, and that the items mentioned include all labor and material required to complete said work according to plans and specifications:
NAMES AND ADDRESSES
WHAT FOR
CONTRACT PRICE INCLDG EXTRAS*
AMOUNT
PAID
THIS
PAYMENT
BALANCE
DUE
TOTAL LABOR AND MATERIAL INCLUDING EXTRAS* TO COMPLETE.
That there are no other contracts for said work outstanding, and that there is nothing due or to become due to any person for material, labor or other work of any kind done or to be done upon or in connection with said work other than above stated.
DATE_______________________________ |
SIGNATURE:_______________________________________________ |
||
SUBSCRIBED AND SWORN TO BEFORE ME THIS______________________DAY OF__________________,__________ |
|||
*EXTRAS INCLUDE BUT ARE NOT LIMITED TO CHANGE |
|
_____________________________________________ |
|
ORDERS, BOTH ORAL AND WRITTEN, TO THE CONTRACT. |
NOTARY PUBLIC |
||
f.1722 R5/96 |
Provided by Chicago Title Insurance Company |
||
Understanding Chicago Title Waiver Format
What is the Chicago Title Waiver Format form?
The Chicago Title Waiver Format form is a legal document used in Illinois to waive any mechanics' lien rights for work performed on a property. This form is typically completed by contractors or subcontractors who have provided labor or materials for a construction project. By signing this form, the undersigned acknowledges receipt of payment and relinquishes any claim to a lien against the property in question.
Who needs to use the Chicago Title Waiver Format form?
This form is primarily used by contractors, subcontractors, and suppliers who have provided services or materials for a construction project. If you are involved in a project and have been paid for your work, you may be required to complete this form to confirm that you have no further claims against the property owner.
What information is required on the form?
The form requires several pieces of information, including the company name, the property address, the total contract amount, the amount paid prior to the current payment, and details about any extras or change orders. Additionally, it must include the names and addresses of all parties who have provided labor or materials for the project.
What does it mean to waive a lien?
Waiving a lien means that the contractor or subcontractor gives up their right to place a lien on the property for unpaid work or materials. This is a common practice in construction to ensure that property owners can receive clear title to their property without the risk of liens from contractors or suppliers.
Are there any exceptions to the waiver?
While the waiver generally releases all claims for payment, it may not cover all potential claims. For example, if there are disputes over the quality of work or if additional work was performed without proper documentation, those issues may still need to be addressed. It is important to understand the specific terms of the waiver and any related contracts.
What are "extras" in the context of this form?
Extras refer to any additional work or materials that were not included in the original contract. This can include change orders that are either written or verbal. It is essential to document these extras accurately to ensure that all parties are aware of the total amount due and the scope of work performed.
Is notarization required for the form?
Yes, the Chicago Title Waiver Format form must be notarized. This means that the individual signing the form must do so in the presence of a notary public, who will then verify the identity of the signer and witness the signing of the document. This step adds a layer of authenticity and legal validity to the waiver.
What happens if I do not submit the waiver?
If you do not submit the waiver after receiving payment, you may retain your right to file a mechanics' lien against the property. This could create complications for the property owner and may lead to disputes over payment. It is advisable to complete and submit the waiver to ensure that all parties are clear on their rights and obligations.
Can the waiver be revoked after it is signed?
Once the waiver is signed and notarized, it is generally considered final and cannot be revoked. If there are concerns about the terms of the waiver or if disputes arise, it is crucial to address these issues before signing. Consulting with a legal professional can provide guidance on how to proceed in such situations.
Dos and Don'ts
When filling out the Chicago Title Waiver Format form, it’s essential to approach the task with care. Here’s a list of things you should and shouldn’t do to ensure the process goes smoothly.
- Do read the entire form carefully before starting.
- Do provide accurate information regarding the contractor and the property.
- Do clearly state the amount being waived and any other considerations.
- Do include details about any extras, such as change orders.
- Don't leave any sections blank; incomplete forms can lead to delays.
- Don't use vague language; be specific about the work and payments.
- Don't forget to have the form notarized if required.
- Don't rush through the process; double-check your entries for accuracy.
By following these guidelines, you can help ensure that your waiver is processed without unnecessary complications. Accuracy and clarity are key to a successful submission.
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