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The Chicago Title Waiver Format form serves as a crucial document in construction and real estate transactions in Illinois. It facilitates the waiver of lien rights by contractors and subcontractors, ensuring that they relinquish any claims to the property owner for payments related to labor and materials provided. The form includes essential details such as the company name, the property address, and the total amount of the contract, including any extras. By signing this waiver, the undersigned acknowledges receipt of payment and confirms that no further claims exist against the property for the work completed. Additionally, the form requires a contractor's affidavit, which provides further assurances about the validity of the waivers and lists all parties involved in the project. This comprehensive approach helps protect property owners from potential lien claims while ensuring that contractors are compensated for their work.
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Common Questions
What is the purpose of the Chicago Title Waiver Format form?
The Chicago Title Waiver Format form serves to release any lien rights that a contractor or supplier may have against a property. By signing this form, the undersigned acknowledges receipt of payment and waives any claims to a mechanics' lien under Illinois law. This document is essential in ensuring that the property owner can proceed with their project without the risk of future claims related to unpaid labor or materials.
Who needs to sign the Chicago Title Waiver Format form?
This form must be signed by the contractor or any subcontractor who has provided labor, materials, or services for the property in question. It is important that the individual signing the document is authorized to do so on behalf of their company. This ensures that all parties involved in the project are aware of the waiver and that there are no outstanding claims against the property.
What information is required to complete the form?
To complete the Chicago Title Waiver Format form, several pieces of information are necessary. This includes the name of the company providing the waiver, the property address, the total contract amount, and the amount paid to date. Additionally, the form requires details about any extras, such as change orders, and the names and addresses of all parties who have contributed labor or materials. This comprehensive information helps to clarify the financial status of the project and ensures transparency among all stakeholders.
What are "extras" as mentioned in the form?
In the context of the Chicago Title Waiver Format form, "extras" refer to any additional work or materials that were not included in the original contract but are necessary for the completion of the project. This can include change orders, which may be either oral or written. It is crucial to document these extras as they can affect the total contract price and the payment status, ensuring that all parties are aware of any additional financial obligations.
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
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 |
||
Similar forms
- Mechanics Lien Waiver: Similar to the Chicago Title Waiver Format, a Mechanics Lien Waiver serves to relinquish the right to file a lien against a property. Both documents protect property owners from potential claims by contractors or subcontractors, ensuring that all parties are clear about their rights and obligations regarding payment for services rendered.
- Ohio Mobile Home Bill of Sale: This legal document is essential for transferring ownership of a mobile home, ensuring that all transaction details are explicitly documented, including the buyer's and seller's information as well as the sale price. For more information, visit mobilehomebillofsale.com/blank-ohio-mobile-home-bill-of-sale.
- Partial Lien Waiver: This document is often used when a contractor receives a payment but still has work to complete. Like the Chicago Title Waiver, it confirms that the contractor waives their right to file a lien for the amount received, while still retaining the right to claim for any remaining balance due for future work.
- Final Lien Waiver: A Final Lien Waiver is executed upon the completion of a project and payment in full. It is akin to the Chicago Title Waiver in that it signifies the contractor's complete release of any lien rights, ensuring that the property owner has clear title free of claims once all obligations are fulfilled.
- Subcontractor Lien Waiver: This waiver is specifically for subcontractors who have worked on a project. Similar to the Chicago Title Waiver, it protects the property owner from potential claims by subcontractors, confirming that they have received payment for their work and will not pursue a lien against the property.
- Conditional Lien Waiver: A Conditional Lien Waiver is used when a payment is made, but it is contingent upon the check clearing. Like the Chicago Title Waiver, it provides assurance to the property owner that the contractor will not file a lien as long as the conditions are met, thus providing a layer of security in the transaction.
Misconceptions
Misconceptions about the Chicago Title Waiver Format form can lead to confusion and potential legal issues. Here are eight common misconceptions:
- It is only for contractors. Many believe this form is exclusively for contractors. In reality, any party providing labor or materials can use it to waive lien rights.
- It eliminates all claims. Some think signing this form waives all claims. However, it only waives claims related to the specific project and within the stated amounts.
- It is not legally binding. There is a misconception that this form lacks legal weight. When properly executed, it is a binding agreement under Illinois law.
- All waivers are the same. Many assume all lien waivers are identical. Each waiver can have different terms and conditions, so it is crucial to review each one carefully.
- It protects the owner from all liabilities. Some believe that using this form protects the property owner from any future claims. While it does limit certain claims, it does not eliminate all potential liabilities.
- Extras are not included. There is a common belief that extras are not covered. The form explicitly states that extras, including change orders, are included in the waiver.
- It can be signed after work is completed. Many think they can sign this waiver after finishing the project. However, it is best to execute it before final payment to ensure its effectiveness.
- Notarization is optional. Some believe notarization is not necessary. In fact, notarization is often required to validate the waiver and ensure its enforceability.
File Attributes
| Fact Name | Fact Description |
|---|---|
| Company Name | The form requires the name of the company providing the waiver. |
| Waiver of Lien | This document serves as a waiver of any lien claims under Illinois mechanics’ lien laws. |
| Consideration | The undersigned acknowledges receipt of a specified dollar amount in exchange for the waiver. |
| Governing Law | The waiver is governed by the statutes of the State of Illinois. |
| Contractor's Affidavit | The form includes an affidavit confirming the contractor's position and payment status. |
| Extras Definition | Extras include change orders, both oral and written, related to the contract. |
| Payment Details | The contractor must provide details about the total contract amount and payments received. |
| Notary Requirement | The document must be notarized to confirm the authenticity of the signatures. |
| Signature and Title | The form requires a signature and title of the person executing the waiver. |