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The Chicago Title Waiver Format form serves as a crucial document in the construction and real estate industries, particularly within the state of Illinois. This form is designed to protect property owners by ensuring that all contractors and subcontractors relinquish their rights to file a mechanics' lien against a property for work performed. It outlines the specific details of the project, including the name of the contractor, the property address, and the total contract amount, which may include extras such as change orders. By signing this waiver, the undersigned acknowledges receipt of payment and confirms that all claims for labor, materials, and services have been settled. The form also requires a contractor's affidavit, which provides additional assurances regarding the accuracy of the information provided and confirms that no outstanding claims exist against the property. This comprehensive approach not only safeguards the interests of property owners but also promotes transparency and accountability among contractors and subcontractors involved in the project.

Common mistakes

  1. Incomplete Company Information: Failing to provide the complete name of the company can lead to confusion and potential legal issues. Ensure that the full legal name is included.

  2. Missing Signatures: Not signing the form can render it invalid. All required parties must sign to acknowledge the waiver.

  3. Incorrect Payment Amounts: Entering incorrect figures for the total contract amount or payments received can create discrepancies. Double-check all financial entries.

  4. Omitting Extras: Failing to list extras, such as change orders, can lead to misunderstandings about the scope of work. Always include all relevant extras.

  5. Neglecting Notary Requirements: Not having the document notarized can invalidate the waiver. Ensure that a notary public is present to witness the signing.

  6. Inaccurate Property Description: Providing an incorrect or vague description of the property can complicate the waiver process. Be specific and accurate in identifying the premises.

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Key takeaways

Here are key takeaways for filling out and using the Chicago Title Waiver Format form:

  • Accurate Information: Ensure that all fields are filled out accurately, including the company name, project address, and amounts involved.
  • Consideration Amount: Clearly state the consideration amount, as this is crucial for the waiver's validity.
  • Release of Liens: The form waives any potential lien claims against the property, which protects the owner from future claims by contractors or suppliers.
  • Extras Definition: Understand that "extras" refer to any additional work or materials not originally included in the contract, including change orders.
  • Affidavit Requirement: The contractor must provide an affidavit confirming the accuracy of the information and that no other claims exist.
  • Signature and Notarization: The form must be signed and notarized to be legally binding; ensure this step is completed properly.
  • Record Keeping: Keep a copy of the signed waiver for your records, as it serves as proof of the waiver and protects against future disputes.

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 above-described premises, and the improvements thereon, and on the material, fixtures, apparatus or machinery furnished, and on the moneys, funds or other considerations due or to become due from the owner, on account of all labor, services, material, fixtures, apparatus or machinery, furnished to this date by the undersigned for the above-described premises,

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 purpose of the Chicago Title Waiver Format form?

The Chicago Title Waiver Format form serves to release any claims or liens against a property by a contractor or subcontractor who has provided labor or materials. By signing this form, the undersigned acknowledges receipt of payment and waives their right to assert a mechanics' lien under Illinois law. This protects property owners from potential claims related to unpaid work or materials.

Who should use the Chicago Title Waiver Format form?

This form is typically used by contractors, subcontractors, and suppliers who have provided services or materials for a construction project. If you have completed work on a property and have received payment, using this form can help clarify that no further claims will be made against the property.

What information is required to complete the form?

To complete the form, you will need to provide the following information:

  1. Your company name and the name of the property owner.
  2. The address of the property where work was performed.
  3. The total amount of the contract, including any extras.
  4. The amount received prior to signing the waiver.
  5. A list of all parties who have provided labor or materials, along with the amounts due to each.

What are "extras" in the context of this form?

"Extras" refer to any additional work or materials that were not part of the original contract but were necessary for the completion of the project. This can include change orders, both oral and written. It is important to include these in the total contract amount to ensure all parties are aware of the full scope of work and payment obligations.

Is notarization required for the Chicago Title Waiver Format form?

Yes, notarization is required. The form must be signed in the presence of a notary public, who will verify the identity of the signer and witness the signing. This adds an extra layer of authenticity and ensures that the waiver is legally binding.

What happens if I do not use this form?

If you do not use the Chicago Title Waiver Format form, you may retain the right to file a mechanics' lien against the property for unpaid work or materials. However, this could lead to disputes and legal complications. Using the waiver can help prevent misunderstandings and protect both the contractor and the property owner.

How to Use Chicago Title Waiver Format

Completing the Chicago Title Waiver Format form is an important step in ensuring that all parties involved in a construction project are clear about payments and claims. After filling out this form, it will need to be signed and notarized to make it official. Below are the steps to guide you through the process of filling out the form.

  1. At the top of the form, write the Company Name.
  2. Fill in the Waiver of Lien to Date.
  3. In the State of Illinois section, write the relevant state information.
  4. Fill in the County and Escrow Number sections.
  5. In the section that begins with To Whom It May Concern, write the name of the owner of the premises.
  6. Indicate the premises known as by providing the address or description.
  7. In the next section, write the name of the undersigned and the amount of money involved in the waiver.
  8. Sign and date the form in the designated area.
  9. Complete the Contractor’s Affidavit section by writing your name and position.
  10. Fill in the company name and the location of the building.
  11. State the total amount of the contract, including extras, and the amount received prior to this payment.
  12. List the names and addresses of all parties who provided materials or labor, along with the amounts due.
  13. Indicate the total labor and material costs, including any extras.
  14. Finally, sign and date the affidavit, and have it notarized.