Contents
The Chicago Title Waiver Format form serves an important role in real estate transactions, particularly in Illinois. This document is designed to protect property owners from potential liens that may arise from contractors or subcontractors who have provided labor or materials for a construction project. By signing this form, the contractor acknowledges receipt of payment and waives any future claims to a lien against the property. The form includes critical details such as the names of all parties involved, the contract amount, and any additional costs referred to as "extras," which encompass changes made to the original contract. It also requires the contractor to affirm that all waivers are genuine and that there are no outstanding claims related to the work performed. Not only does this document establish a clear record of payments, but it also helps ensure that the property owner is not burdened by unexpected financial obligations. Properly completing the Chicago Title Waiver Format form can facilitate smoother transactions and provide peace of mind for all parties involved.
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Similar forms
- Mechanics Lien Waiver: Similar to the Chicago Title Waiver Format, this document also releases the right to file a mechanics lien against a property. It outlines the work completed and the payments received, ensuring that contractors and subcontractors acknowledge their receipt of payment and waive any future claims.
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Ohio Unclaimed Form: This form is essential for Ohio residents looking to recover forgotten assets. It serves as the initial step in claiming unclaimed funds, allowing individuals to take action. For more information, visit All Ohio Forms.
- Partial Lien Waiver: This document is issued when a contractor or supplier receives partial payment. Like the Chicago Title Waiver, it confirms that the recipient waives the right to lien for the amount received, while still retaining the right to claim for any unpaid balance.
- Final Lien Waiver: This document serves as a confirmation that all work has been completed and all payments have been made. It is akin to the Chicago Title Waiver, as it releases any further claims against the property for the work performed.
- Subcontractor Waiver of Lien: This document is used by subcontractors to waive their lien rights. It is similar in purpose to the Chicago Title Waiver, ensuring that the primary contractor is protected from future claims by subcontractors.
- Conditional Lien Waiver: This waiver is contingent upon the receipt of payment. It parallels the Chicago Title Waiver by providing assurance that the lien rights will be waived once payment is confirmed.
- Unconditional Lien Waiver: Unlike the conditional version, this waiver relinquishes lien rights immediately upon signing. It shares similarities with the Chicago Title Waiver in that it provides a clear release of claims for completed work.
- Construction Loan Agreement: This document outlines the terms of a loan for construction purposes. While it serves a different function, it often references lien waivers like the Chicago Title Waiver to protect lenders from potential claims by contractors.
- Notice of Intent to Lien: This document notifies property owners of a contractor's intent to file a lien. It is related to the Chicago Title Waiver as both documents address the rights of contractors concerning payments and liens.
- Change Order Agreement: This document modifies the original contract terms. It is relevant to the Chicago Title Waiver as both documents may reference "extras" and adjustments to the scope of work and payment.
- Affidavit of Payment: This document confirms that all payments have been made to subcontractors and suppliers. Similar to the Chicago Title Waiver, it ensures that there are no outstanding claims against the property for unpaid work.
Document 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 |
||
Form Specs
| Fact Name | Details |
|---|---|
| Document Purpose | The Chicago Title Waiver Format form is used to waive any lien rights related to construction work on a property. |
| Governing Law | This form is governed by the laws of the State of Illinois, specifically relating to mechanics' liens. |
| Parties Involved | The form involves the contractor, the property owner, and any subcontractors or suppliers of materials. |
| Consideration | The undersigned waives their lien rights in exchange for a specified amount of money and other valuable considerations. |
| Extras Definition | “Extras” refers to additional work or changes to the contract that may be either oral or written. |
| Signature Requirement | The form must be signed by the contractor, confirming their authority and the accuracy of the information provided. |
| Notary Requirement | A notary public must witness the signing of the document to validate it. |
| Payment Details | The form requires a breakdown of the total contract amount, payments received, and any balances due. |
| Address Information | The property address where the work is performed must be clearly stated on the form. |
| Liability Release | By signing, the contractor releases any future claims against the property for work completed up to the date of the waiver. |
Crucial Questions on This Form
What is the Chicago Title Waiver Format form?
The Chicago Title Waiver Format form is a document used primarily in the construction industry. It serves to waive any lien rights that a contractor or subcontractor may have against a property for labor or materials provided. By signing this form, the undersigned acknowledges receipt of payment and agrees to release any claims related to mechanics’ liens for the specified work done on the property.
Why is a waiver of lien important?
A waiver of lien is crucial for several reasons:
- It protects property owners from potential liens that could arise from unpaid contractors or subcontractors.
- It ensures that contractors receive payment for their work, fostering trust and good relationships in the construction industry.
- It simplifies the process of property transactions, making it easier for owners to sell or refinance their properties without the burden of outstanding claims.
Who needs to sign the Chicago Title Waiver Format form?
Typically, the contractor or subcontractor who has provided labor or materials for a project must sign this form. This includes anyone who has a financial interest in the work completed, ensuring they acknowledge payment and waive their right to place a lien on the property.
What does the term "extras" refer to in this context?
In the Chicago Title Waiver Format form, "extras" refers to any additional work or materials that were not included in the original contract. This can encompass change orders, whether they were communicated verbally or in writing. It's important to account for these extras to ensure all parties are on the same page regarding payments and obligations.
How does the waiver protect both the contractor and the property owner?
The waiver protects the contractor by confirming that they have been compensated for their work, preventing disputes over unpaid services. For property owners, it provides assurance that no future claims will be made against their property, allowing them to proceed with confidence in their ownership and financial dealings.
What happens if a contractor does not sign the waiver?
If a contractor does not sign the waiver, they retain their right to file a lien against the property for unpaid work. This can lead to complications for the property owner, including potential legal action or difficulties in selling or refinancing the property. Therefore, obtaining a signed waiver is a best practice in construction transactions.
Can the waiver be revoked once signed?
Once the waiver is signed and payment is received, it generally cannot be revoked. The purpose of the waiver is to provide a clear acknowledgment that the contractor has been paid and agrees to relinquish any claims. However, if there are disputes or misunderstandings regarding the payment or work performed, it’s advisable to seek legal guidance to address any potential issues.
Documents used along the form
The Chicago Title Waiver Format form is an important document in the realm of construction and real estate transactions. It serves to protect property owners by ensuring that contractors and subcontractors waive their rights to file a lien against the property for unpaid work or materials. However, this form is often used in conjunction with several other important documents. Below is a list of additional forms that may be relevant in these situations.
- Contractor’s Affidavit: This affidavit is a sworn statement from the contractor, confirming the total contract amount, payments received, and the absence of any outstanding claims. It provides assurance that all subcontractors and suppliers have been paid, reducing the risk of future lien claims.
- Final Waiver of Lien: This document is executed at the completion of a project. It confirms that the contractor and any subcontractors have been fully paid for their work. By signing this waiver, they relinquish any further claims against the property, ensuring the owner has clear title.
- Notice of Intent to Lien: Before filing a lien, a contractor or supplier may send this notice to the property owner. It serves as a formal warning that payment is due and that a lien may be filed if the debt remains unpaid. This document helps to facilitate communication and potentially resolve payment disputes before they escalate.
- Ohio Horse Bill of Sale Form: When engaging in equine transactions, refer to the crucial Horse Bill of Sale documentation and guidelines to facilitate clear and reliable ownership transfers.
- Change Order: This document outlines any changes to the original contract, including adjustments in scope, cost, or timeline. It is crucial for documenting any extras that may affect the final payment and should be included in the waiver process to ensure all parties are aware of changes made during the project.
Understanding these documents can help navigate the complexities of construction and real estate transactions. Each form plays a role in protecting both the property owner and the contractors involved, ensuring that all parties fulfill their obligations and that the project runs smoothly. Always consult with a legal professional to ensure compliance with local laws and regulations.
Misconceptions
Here are five common misconceptions about the Chicago Title Waiver Format form:
- It is only for contractors. Many believe that only contractors can use this form. In reality, any party providing labor or materials for a project can utilize the waiver to protect their interests.
- It eliminates all claims against the property. Some think that signing this waiver means all claims are waived forever. However, it only pertains to the specific work and materials listed, not future or unrelated claims.
- It is not legally binding. There is a misconception that this form holds no legal weight. In fact, when properly executed, it is a legally binding document that can be enforced in court.
- It can be signed after payment is received. Many assume that the waiver can be signed at any time. The waiver should be signed before or at the time of payment to ensure that the lien rights are effectively waived.
- It is the same as a lien release. Some people confuse the waiver with a lien release. While both serve to protect parties in a construction project, a waiver is typically signed before payment, while a release is signed after payment has been made.