The Illinois Final Waiver of Lien form is a crucial document that allows contractors and subcontractors to relinquish their right to file a lien against a property once they have received payment for their work. This form not only protects the property owner from potential claims but also provides assurance to all parties involved that the financial obligations have been settled. Understanding the importance of this form can help ensure a smooth transaction in any construction or renovation project.
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The Illinois Final Waiver of Lien form is a crucial document in the construction and real estate industries, serving to protect both contractors and property owners. This form is used to formally release any claims of lien against a property, ensuring that all parties involved have fulfilled their financial obligations. It begins with the identification of the parties involved, including the contractor and the property owner, along with details about the specific project. The form outlines the total amount of the contract, including any extras, and confirms that the contractor has received payment. By signing this document, the contractor waives their right to file a lien for any labor or materials provided, thereby safeguarding the property owner from potential legal disputes. Additionally, the form requires an affidavit from the contractor, affirming that all waivers are genuine and that there are no outstanding claims for payment related to the work performed. This process not only facilitates smoother transactions but also fosters trust among all parties, ensuring that everyone is on the same page regarding payments and obligations.
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Filling out the Illinois Final Waiver of Lien form correctly is crucial for ensuring that all parties involved in a construction project are protected. Here are some key takeaways to keep in mind:
By following these key points, you can navigate the process of using the Illinois Final Waiver of Lien form with confidence. Always double-check your entries and consult with a professional if you have any questions. This ensures that your rights and interests are adequately protected throughout the construction process.
FINAL WAIVER OF LIEN
STATE OF ILLINOIS
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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.
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CONTRACTOR’S AFFIDAVIT
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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