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The Chicago Title Waiver Format form serves as a crucial document in the realm of construction and property transactions, particularly within the state of Illinois. This form is designed to protect both contractors and property owners by ensuring that any claims or liens related to unpaid work or materials are waived. It outlines the essential details, including the names of the parties involved, the property address, and the total contract amount, along with any extras that may have been agreed upon. By signing this waiver, the contractor acknowledges receipt of payment and confirms that no further claims will be made against the property for the work completed. Additionally, the form includes a contractor’s affidavit, which verifies the accuracy of the information provided and lists all parties who have contributed labor or materials to the project. This dual function of the waiver not only fosters transparency but also helps to prevent disputes regarding unpaid services or materials, ultimately facilitating smoother transactions in the construction industry.

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Steps to Using Chicago Title Waiver Format

Filling out the Chicago Title Waiver Format form is a straightforward process. It requires specific information about the parties involved, the work done, and the payment details. Completing this form accurately is essential to ensure that all parties are protected and that the waiver is valid.

  1. Company Name: Write the name of the company providing the waiver at the top of the form.
  2. Waiver of Lien Date: Fill in the date on which the waiver is being executed.
  3. State and County: Indicate the state (Illinois) and the county where the property is located.
  4. Escrow Number: Enter the escrow number associated with the transaction.
  5. To Whom It May Concern: Leave this section as is; it is a standard opening for the document.
  6. Undersigned Information: Provide the name of the undersigned party who has been employed to furnish materials or services.
  7. Property Description: Specify the premises known as (provide the address or description of the property).
  8. Owner's Name: Fill in the name of the property owner.
  9. Consideration Amount: State the amount in dollars being received in exchange for the waiver.
  10. Date: Write the date again at the bottom of the form.
  11. Address: Provide the address of the undersigned party.
  12. Signature and Title: The undersigned must sign and print their title beneath the signature.
  13. Contractor’s Affidavit Section: Complete the name, position, and company name of the contractor providing the affidavit.
  14. Building Location: Enter the address of the building where the work was done.
  15. Contract Amount: State the total amount of the contract, including extras.
  16. Payment Received: Indicate the amount received prior to this payment.
  17. Names and Addresses: List all parties who have furnished labor or materials, along with their respective amounts due.
  18. Date of Affidavit: Fill in the date when the affidavit is being signed.
  19. Signature and Notary: The contractor must sign the affidavit, and a notary public must witness the signature.

Key takeaways

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

  • Complete Company Information: Fill in the company name, the date, and the address of the premises clearly. This ensures that all parties are correctly identified.
  • Accurate Payment Amount: State the exact dollar amount being received in exchange for waiving the lien. This figure must be precise to avoid any disputes later.
  • Understand the Waiver Scope: The waiver releases any claims or rights to a lien under Illinois statutes. Make sure you understand what you are waiving.
  • Extras Definition: Be aware that "extras" include change orders, both oral and written. Document these thoroughly to avoid confusion.
  • Contractor’s Affidavit: The contractor must provide a sworn statement confirming the accuracy of the information regarding payments and outstanding contracts.
  • Notary Requirement: Ensure that the form is signed in front of a notary public. This step adds an essential layer of authenticity to the document.

Misconceptions

Understanding the Chicago Title Waiver Format form can be challenging. Here are ten common misconceptions about this document:

  1. It eliminates all claims against the property. The waiver only releases claims related to the specific work and materials provided, not all potential claims against the property.
  2. It is only for contractors. While primarily used by contractors, subcontractors and suppliers can also utilize this waiver.
  3. It guarantees payment. Signing the waiver does not guarantee that payment will be received; it only waives the right to file a lien for the work completed.
  4. All extras are included automatically. Extras must be explicitly stated in the waiver; otherwise, they may not be covered.
  5. It is a one-size-fits-all document. The waiver must be tailored to the specific project and parties involved; using a generic form may lead to issues.
  6. It must be notarized to be valid. While notarization adds credibility, it is not always required for the waiver to be legally binding.
  7. It can be signed after the work is completed. Ideally, the waiver should be signed before or at the time of payment to ensure proper protection.
  8. It protects the owner from all claims. The waiver protects the contractor or supplier but does not shield the property owner from all potential claims.
  9. It is only relevant in Illinois. Although this form is specific to Illinois law, similar waivers exist in other states with different requirements.
  10. Once signed, it cannot be revoked. A waiver can be revoked if both parties agree, but this may require a formal process.

Being aware of these misconceptions can help ensure that all parties involved understand their rights and obligations when using the Chicago Title Waiver Format form.

Preview - Chicago Title Waiver Format Form

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

Document Specs

Fact Name Details
Document Purpose The Chicago Title Waiver Format form is used to waive any lien claims related to mechanics' liens for a specific property.
Governing Law This form is governed by the mechanics' lien statutes of the State of Illinois.
Consideration The waiver is executed in exchange for a specified amount of money and other valuable considerations.
Parties Involved The form requires the undersigned contractor and the property owner to be clearly identified.
Extras Definition Extras include change orders, both oral and written, that may affect the total contract amount.
Affidavit Requirement The contractor must provide an affidavit confirming the accuracy of the information and the absence of outstanding claims.
Notary Requirement The form must be signed and notarized to validate the waiver and affidavit.
Payment Tracking Details about the total contract amount, payments received, and balances due must be included in the form.