Chicago Title Waiver Format Template

Chicago Title Waiver Format Template

The Chicago Title Waiver Format form is a legal document used in Illinois to formally waive any lien rights that a contractor or subcontractor may have on a property. This waiver is essential in ensuring that all parties involved in a construction project are clear about their financial obligations and rights. By signing this document, contractors acknowledge receipt of payment and agree to release any claims against the property for labor or materials provided.

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The Chicago Title Waiver Format form is an essential document used in the construction and real estate industries, particularly in Illinois. It serves to protect property owners and contractors by clearly outlining the terms under which contractors waive their rights to file a lien against a property. This form includes critical details such as the company name, the specific property involved, and the total contract amount, including any extras or change orders. By signing this waiver, contractors acknowledge receipt of payment and confirm that they have no outstanding claims for work performed or materials supplied. The form also requires a sworn affidavit from the contractor, ensuring that all information provided is accurate and complete. This helps to maintain transparency and trust between all parties involved in a construction project. Additionally, the form lists all subcontractors and suppliers, detailing amounts paid and balances due, further safeguarding against potential disputes. Overall, the Chicago Title Waiver Format form is a vital tool for ensuring that all parties are protected and informed throughout the construction process.

Chicago Title Waiver Format Sample

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

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Key takeaways

When filling out and using the Chicago Title Waiver Format form, keep these key points in mind:

  • Understand the Purpose: This form is used to waive any lien rights related to construction work done on a property. It protects the owner from future claims.
  • Accurate Information: Ensure that all company names, addresses, and project details are filled out correctly. Mistakes can lead to complications.
  • Consideration Amount: Clearly state the amount received for the work. This amount is crucial for validating the waiver.
  • Extras Definition: Be aware that "extras" include change orders, both oral and written. Document these changes accurately to avoid disputes.
  • Signature Requirement: The form must be signed by the contractor or authorized representative. This signature confirms the waiver's validity.
  • Notary Public: The form needs to be notarized. This adds an extra layer of authenticity and can prevent future legal issues.
  • Final Review: Before submitting, review the entire document. Ensure that all sections are complete and accurate to avoid delays.

By following these guidelines, you can effectively navigate the Chicago Title Waiver Format form process.