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The Illinois Final Waiver of Lien form serves a crucial role in the construction and real estate industries, providing a clear and formal way for contractors and subcontractors to relinquish their claims for payment against a property. When a contractor completes their work, this document ensures that they acknowledge receipt of payment and release any rights to file a lien against the property in question. It outlines essential details, such as the name of the contractor, the owner of the property, and the specific work performed. Additionally, it specifies the amount received as payment and confirms that all waivers are genuine and unconditional. This form not only protects the property owner from future claims but also helps maintain transparency in financial transactions within the construction process. By including provisions for extras, such as change orders, the form addresses potential ambiguities regarding additional work that may have been completed. Ultimately, the Illinois Final Waiver of Lien is a vital tool for ensuring that all parties involved in a construction project are on the same page, fostering trust and clarity in their business relationships.
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Steps to Using Illinois Final Waiver Of Lien
After completing the Illinois Final Waiver of Lien form, ensure all information is accurate before submitting it. This document is essential for confirming that all financial obligations related to the project have been met. Follow these steps to fill out the form correctly.
- Begin by entering the County and City in the designated spaces at the top of the form.
- Fill in the Escrow Number if applicable.
- In the section labeled "TO WHOM IT MAY CONCERN," write the name of the party who employed you.
- Specify the services or materials you provided in the blank space provided.
- Enter the address of the premises where the work was performed.
- Identify the owner of the premises in the appropriate section.
- State the amount received for your services in the space provided, along with a brief description of any other considerations.
- Write the date of completion or submission at the bottom of the form.
- Fill in your company name and address in the respective fields.
- Sign the form and include your title beneath your signature.
- Complete the "CONTRACTOR’S AFFIDAVIT" section by entering your name and position.
- Provide the total amount of the contract and the amount previously received.
- List all parties who have provided labor or materials, along with their corresponding amounts due.
- Confirm there are no outstanding contracts or payments due by checking the appropriate sections.
- Sign and date the affidavit, and ensure a notary public witnesses your signature.
Key takeaways
Filling out and using the Illinois Final Waiver of Lien form is an important step in ensuring that all parties involved in a construction project are protected. Here are some key takeaways to keep in mind:
- Complete Information: Ensure that all sections of the form are filled out accurately. This includes the names of the parties involved, the description of work performed, and the payment amount.
- Waiver of Claims: By signing the form, the undersigned waives any future claims to a lien on the property. This means that once the waiver is executed, the contractor cannot later claim unpaid amounts related to the work specified.
- Extras Inclusion: The waiver covers not only the initial contract amount but also any extras, such as change orders. Be clear about what constitutes extras in your project to avoid misunderstandings.
- Notarization Requirement: The form must be notarized to be valid. This adds an extra layer of security and ensures that the signatures are legitimate.
Misconceptions
Misconceptions about the Illinois Final Waiver of Lien form can lead to misunderstandings regarding its purpose and implications. Here are four common misconceptions:
- It is only for contractors. Many people believe that the Final Waiver of Lien form is exclusively for contractors. In reality, anyone who provides labor or materials for a construction project, including subcontractors and suppliers, can use this form to waive their lien rights.
- Signing the waiver means giving up all rights forever. Some individuals think that signing the waiver permanently relinquishes all rights to any claims against the property. However, the waiver specifically pertains to the work and materials provided up to that point. It does not affect future claims for work or materials not covered by the waiver.
- The waiver is not legally binding. There is a misconception that the Final Waiver of Lien is merely a formality and holds no legal weight. In fact, once signed and delivered, the waiver is a legally binding document that can prevent any future claims for payment related to the work specified.
- It eliminates the need for payment documentation. Some believe that by signing the waiver, they no longer need to keep records of payments received. This is incorrect. It is still essential to maintain thorough documentation of all transactions and payments, as this information may be necessary for future reference or disputes.
Preview - Illinois Final Waiver Of Lien Form
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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Document Specs
| Fact Name | Details |
|---|---|
| Purpose | The Illinois Final Waiver of Lien form is used to formally release any claims or liens against a property after payment has been made for services or materials provided. |
| Governing Law | This form is governed by the Illinois Mechanics Lien Act, which outlines the rights and responsibilities of contractors and subcontractors regarding liens. |
| Parties Involved | The form must be completed by the contractor or subcontractor who has provided labor or materials for a construction project. |
| Consideration | The waiver is executed in exchange for a specified amount of money, which must be clearly stated in the form. |
| Extras Definition | Extras refer to any additional work or materials that were not included in the original contract, such as change orders, which must also be acknowledged in the waiver. |
| Affidavit Requirement | The form includes an affidavit section, where the contractor must affirm that all waivers are genuine and that no further claims exist against the property. |
| Notarization | The completed form must be notarized to ensure its validity and to provide a legal record of the waiver. |
| Record Keeping | It is advisable for both parties to keep a copy of the signed waiver for their records, as it serves as proof of payment and release of lien rights. |
| Legal Consequences | Failure to properly execute and file the waiver can result in the loss of lien rights, potentially exposing the contractor to financial risks. |