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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 have clarity regarding payments and lien rights. This form is typically utilized when a contractor, subcontractor, or supplier has completed their work and received payment, thus waiving any future claims against the property for labor or materials provided. It includes essential details such as the names of the parties involved, the nature of the work performed, and the total amount of the contract, including any extras that may have been agreed upon. By signing this document, the undersigned acknowledges receipt of payment and relinquishes any rights to file a lien against the property in question, thereby protecting the property owner from potential legal claims. The form also requires an affidavit from the contractor, affirming that all waivers are genuine and that no other claims exist for the work performed. This dual structure not only enhances transparency but also fosters trust among contractors, property owners, and other stakeholders, making it an indispensable tool in real estate transactions.

Common mistakes

  1. Failing to provide complete information about the contractor. Ensure that the name, company name, and position are fully filled out.

  2. Not specifying the total amount of the contract including any extras. This amount must be clearly stated to avoid confusion.

  3. Leaving the amount received prior to this payment section blank. This information is crucial for verifying payment history.

  4. Omitting the names and addresses of all parties involved. All subcontractors and suppliers must be listed to ensure transparency.

  5. Not indicating the balance due on the project. This helps clarify any remaining financial obligations.

  6. Failing to sign and date the form. Both the contractor's signature and the date are essential for the document's validity.

  7. Not having the form notarized. A notary public must witness the signing to ensure the document is legally binding.

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Key takeaways

The Illinois Final Waiver of Lien form is a crucial document in the construction industry, particularly for contractors and subcontractors. Here are key takeaways to consider when filling it out and using it:

  • Purpose: This form serves to waive any lien rights against a property upon receipt of payment for work completed.
  • Completion: Ensure all sections are filled out accurately, including the name of the contractor, the owner of the property, and the nature of the work performed.
  • Consideration: Clearly state the amount received in exchange for waiving the lien rights. This amount must be specified in both words and numbers.
  • Extras: Be aware that extras, such as change orders, should be included in the waiver. This protects the contractor's rights regarding additional work.
  • Notarization: The form requires notarization. A notary public must witness the signature to validate the document.
  • Affidavit Requirement: A contractor’s affidavit is also part of the process. This affidavit confirms the total contract amount and payment history.
  • Transparency: List all parties involved in the project, including any subcontractors or suppliers, along with the amounts owed to them.
  • Finality: Once the waiver is executed, it releases all claims for the work performed up to that point. Ensure that all work is satisfactorily completed before signing.
  • Legal Implications: Understand that signing this waiver means relinquishing your right to file a lien in the future for the specified work. It is a binding agreement.

By following these guidelines, parties involved can navigate the complexities of the Illinois Final Waiver of Lien form effectively.

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 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, heretofore furnished, or which may be furnished at any time hereafter, by the undersigned for the above-described premises, INCLUDING EXTRAS.*

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

Copyright ©2005 Greater Illinois Title Company. All Rights Reserved. http://gitc.com/forms/

Compliments of Greater Illinois Title Company; for Internal and External Use.

Universal Doc Ref: GP_IEF0029-20050804-R1-0

Understanding Illinois Final Waiver Of Lien

What is the Illinois Final Waiver of Lien form?

The Illinois Final Waiver of Lien form is a legal document used in construction projects. It serves as a formal declaration by a contractor or subcontractor that they have received full payment for their work. By signing this document, they waive any future claims or liens against the property for the services and materials provided. This helps protect property owners from potential legal claims related to unpaid work.

Who needs to use the Illinois Final Waiver of Lien form?

This form is typically used by contractors, subcontractors, and suppliers involved in a construction project. If you have provided labor or materials for a property and have received payment, you would use this form to confirm that you waive any future lien rights related to that payment. It's essential for anyone who wants to ensure clear ownership and avoid disputes over unpaid work.

What information is required on the form?

The form requires several key pieces of information, including:

  • The name of the contractor or subcontractor.
  • The name of the property owner.
  • A description of the work performed or materials provided.
  • The total contract amount, including any extras.
  • The amount received prior to signing the waiver.

Additionally, the form must be signed and dated by the individual or authorized representative of the company providing the services.

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

In the context of the Illinois Final Waiver of Lien form, "extras" refer to any additional work or materials that were not included in the original contract. This can include change orders, both oral and written. It’s important to account for these extras in the total contract amount to ensure that all services rendered are covered by the waiver.

Why is it important to have a Final Waiver of Lien?

A Final Waiver of Lien is crucial for several reasons. First, it protects property owners from future claims related to unpaid work. Second, it provides a clear record that payment has been made, which can help prevent disputes. Lastly, it helps contractors and subcontractors maintain good relationships with property owners by demonstrating professionalism and transparency in financial transactions.

Is the Final Waiver of Lien form legally binding?

Yes, once signed, the Final Waiver of Lien form is legally binding. It signifies that the contractor or subcontractor has received payment and waives any future claims for that payment. However, it’s essential to ensure that all information is accurate and that the payment has indeed been received before signing the document.

What happens if a contractor does not sign a Final Waiver of Lien?

If a contractor does not sign a Final Waiver of Lien, they retain their right to file a lien against the property for unpaid work or materials. This could lead to legal disputes and complications for property owners, as they may be unaware of any outstanding claims. It’s advisable for property owners to request a waiver upon payment to avoid such issues.

Can the Final Waiver of Lien be revoked?

Once the Final Waiver of Lien is signed and delivered, it cannot typically be revoked. The waiver is a formal acknowledgment of payment and the relinquishment of lien rights. If there are disputes about the payment or if additional work is performed after the waiver is signed, separate agreements may need to be made to address those situations.

Where can I obtain the Illinois Final Waiver of Lien form?

The Illinois Final Waiver of Lien form can often be obtained from legal stationery stores, online legal document providers, or through industry associations related to construction and contracting. It’s important to use the most current version of the form to ensure compliance with Illinois laws.

How to Use Illinois Final Waiver Of Lien

After completing the Illinois Final Waiver of Lien form, it is essential to ensure that all information is accurate and complete. This form serves to confirm that payment has been received and that any claims against the property have been waived. Following the instructions carefully will help in avoiding any potential issues in the future.

  1. Obtain the Form: Start by downloading or printing the Illinois Final Waiver of Lien form.
  2. Fill in the Date: Write the date on which you are completing the form.
  3. Enter the Company Information: Fill in the name of the company that employed you.
  4. Describe the Work: Specify the type of work or materials you provided.
  5. Identify the Property: Clearly state the address of the property where the work was performed.
  6. Owner Information: Provide the name of the property owner.
  7. State the Payment Amount: Indicate the amount you received for your services or materials.
  8. Sign the Form: Sign your name and include your title, if applicable.
  9. Complete the Contractor’s Affidavit: Fill in your name, position, and company name in the affidavit section.
  10. Provide Contract Details: State the total contract amount and the amount you have already received.
  11. List Other Parties: Include the names and addresses of all parties who provided labor or materials.
  12. Finalize the Affidavit: Sign the affidavit and date it. Ensure it is notarized.