Table of Contents
The Illinois Final Waiver of Lien form serves as a crucial document in the construction and real estate industries, ensuring that all parties involved in a project are clear about payments and claims related to labor and materials. This form is typically used when a contractor, subcontractor, or supplier has completed their work and received payment, allowing them to formally relinquish any rights to file a lien against the property in question. It includes essential information such as the names of the parties involved, the nature of the work performed, and the total contract amount, including any extras or change orders. By signing this waiver, the undersigned acknowledges receipt of payment and confirms that there are no outstanding claims or debts related to the project. This not only protects the property owner from potential lien claims but also provides peace of mind to contractors and suppliers that their rights have been properly documented and settled. Understanding the nuances of this form is vital for anyone engaged in construction projects in Illinois, as it plays a significant role in the financial and legal aspects of property development.
Document Specifics
| Fact Name | Details |
|---|---|
| Purpose | The Illinois Final Waiver of Lien form is used to waive any lien rights for work performed or materials supplied on a construction project. |
| Governing Law | This form is governed by the Illinois Mechanics Lien Act, which outlines the rights and responsibilities related to construction liens in the state. |
| Parties Involved | The form involves the contractor and the property owner, ensuring that both parties acknowledge the waiver of lien rights. |
| Consideration | The waiver is executed in exchange for payment, which must be clearly stated on the form. |
| Extras Definition | Extras include any change orders, both oral and written, that may affect the contract and payment terms. |
| Affidavit Requirement | The contractor must provide an affidavit confirming that all waivers are genuine and that no additional claims exist. |
| Notary Public | The form must be notarized to validate the signatures and affirm the authenticity of the document. |
Similar forms
The Illinois Final Waiver of Lien form is a crucial document in the construction industry, serving to release claims against a property once payment has been made. Several other documents share similar functions or purposes. Here are seven documents that are akin to the Illinois Final Waiver of Lien, along with explanations of their similarities:
- Partial Waiver of Lien: This document allows a contractor or subcontractor to waive their lien rights for a specific portion of the work completed. Like the Final Waiver, it serves to confirm that payment has been received, but it does not release all claims, only those related to the completed work.
- Mechanics’ Lien: While this document establishes a claim against a property for unpaid work or materials, it is similar in that it addresses the rights of contractors and suppliers in the construction process. Both documents are part of the mechanics' lien law, which protects those who contribute labor or materials to a project.
- Release of Lien: This document is often used interchangeably with the waiver of lien. It formally releases any claims against the property after payment has been made. Both documents aim to clear the title of a property and assure the owner that no further claims will arise.
- Contractor's Affidavit: This affidavit confirms that the contractor has received payment and that all waivers are valid. It is similar to the Final Waiver in that it provides assurance to the property owner that no additional claims are pending, thereby protecting the owner's interests.
- New York MV51 Form: Essential for the sale or transfer of vehicles from 1972 or older, this document ensures proper documentation of ownership. It must be accompanied by supporting documents to verify continuity of ownership. For more information, visit nytemplates.com/blank-new-york-mv51-template/.
- Subcontractor’s Waiver of Lien: This document is executed by subcontractors to waive their lien rights. Similar to the Final Waiver, it ensures that the owner or general contractor is protected from future claims by those who have worked on the project.
- Final Payment Application: This document is submitted by contractors to request final payment upon completion of the work. It is similar in purpose, as it often accompanies the Final Waiver of Lien to confirm that all obligations have been met before payment is released.
- Change Order: While not a waiver or lien release, a change order modifies the original contract to include additional work or changes. It is relevant because it can lead to additional payments, which may subsequently require a waiver of lien to be executed, similar to the Final Waiver.
Illinois Final Waiver Of Lien Example
FINAL WAIVER OF LIEN
STATE OF ILLINOIS |
} SS |
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
DATE ____________________________ COMPANY NAME ________________________________________________________
ADDRESS ________________________________________________________________
SIGNATURE AND TITLE _______________________________________________________________
* EXTRAS INLCUDE BUT ARE NOT LIMITED TO CHANGE ORDERS, BOTH ORAL AND WRITTEN, TO THE CONTRACT.
STATE OF ILLINOIS |
} SS |
CONTRACTOR’S AFFIDAVIT |
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 contacts 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
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Compliments of Greater Illinois Title Company; for Internal and External Use.
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Understanding Illinois Final Waiver Of Lien
What is the purpose of the Illinois Final Waiver of Lien form?
The Illinois Final Waiver of Lien form serves as a legal document that allows contractors, subcontractors, or suppliers to waive their right to file a lien against a property. This waiver is typically executed after payment has been received for work completed on a construction project. By signing this form, the undersigned acknowledges receipt of payment and releases any claims they may have against the property owner for the labor or materials provided.
Who should complete the Illinois Final Waiver of Lien form?
This form should be completed by the contractor or subcontractor who has provided labor or materials for a construction project. It is important that the person signing the form is authorized to do so on behalf of their company. This ensures that the waiver is legally binding and recognized by all parties involved.
What information is required on the Illinois Final Waiver of Lien form?
The form requires several key pieces of information. This includes the name of the contractor or subcontractor, the property owner's name, a description of the work performed, the total contract amount, and the amount received prior to signing the waiver. Additionally, it must include the date, the company name, and the signature of the authorized individual. It is also essential to detail any extras, such as change orders, that may be included in the contract.
What happens if the Illinois Final Waiver of Lien form is not completed?
If the waiver is not completed and signed, the contractor or subcontractor retains the right to file a lien against the property for unpaid work or materials. This could lead to legal complications for both the contractor and the property owner. It is advisable to complete the waiver promptly after payment to avoid any misunderstandings or disputes regarding payment and lien rights.
Is the Illinois Final Waiver of Lien form legally binding?
Yes, once the Illinois Final Waiver of Lien form is properly completed and signed, it becomes a legally binding document. This means that the undersigned cannot later claim a lien against the property for the work or materials specified in the waiver. It is crucial to ensure that all information is accurate and that the form is executed correctly to uphold its validity.
Dos and Don'ts
When filling out the Illinois Final Waiver of Lien form, it is crucial to follow specific guidelines to ensure accuracy and compliance. Here’s a list of things you should and shouldn’t do:
- Do provide complete and accurate information about the parties involved.
- Do clearly state the amount being waived and released.
- Do include all relevant details about the work performed and the property.
- Do ensure the signature is from an authorized individual.
- Do keep a copy of the completed form for your records.
- Don't leave any sections blank; all fields must be filled out.
- Don't use vague language; be specific about the work and amounts.
- Don't submit the form without confirming that all parties have been notified.
- Don't forget to have the document notarized if required.
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