Get Illinois Final Waiver Of Lien Form

The Illinois Final Waiver of Lien form is a legal document used to release any claims or liens against a property after payment has been made for services or materials provided. This waiver ensures that contractors and subcontractors relinquish their rights to file a lien, protecting property owners from future claims. Completing this form is crucial for both parties to confirm that all obligations have been fulfilled.

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The Illinois Final Waiver of Lien form serves as a critical document in the construction and real estate sectors, ensuring that all parties involved in a project are clear about their financial obligations and rights. This form is primarily used by contractors and subcontractors to formally relinquish their right to file a lien against a property upon receiving payment. By signing this waiver, the undersigned acknowledges receipt of a specified amount of money for services rendered, effectively waiving any future claims related to labor, materials, or services provided for the project. The document includes essential details such as the names of the parties involved, the nature of the work performed, and the financial specifics of the contract, including any extras or change orders that may have occurred. Additionally, it requires an affidavit from the contractor, affirming that all payments have been made and that no outstanding claims exist against the property. This comprehensive approach not only protects the property owner from potential liens but also provides peace of mind to contractors and subcontractors that their payments are secure. Understanding the nuances of this form is vital for anyone engaged in construction projects in Illinois, as it plays a significant role in maintaining transparency and accountability within the industry.

Document Breakdown

Fact Name	Description
Purpose	The Illinois Final Waiver of Lien form is used to release any claims or liens against a property by a contractor or subcontractor after payment has been received.
Governing Law	This form is governed by the Illinois Mechanics Lien Act, which outlines the rights of contractors and suppliers regarding payment and lien rights.
Components	The form includes sections for the contractor's information, payment details, and a sworn affidavit confirming the validity of the waivers.
Extras	Extras, such as change orders, are included in the waiver, ensuring that all additional work is accounted for in the lien release.

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Misconceptions

Understanding the Illinois Final Waiver of Lien form is crucial for anyone involved in construction or contracting. However, several misconceptions often cloud its significance. Here are seven common misunderstandings:

It eliminates all future claims: Many believe that signing this waiver means giving up all rights to any future claims. In reality, it only waives rights related to the specific work and payments acknowledged in the document.
It is only for contractors: Some think only contractors can use this form. In fact, subcontractors and suppliers can also utilize it to protect their interests in the payment process.
It guarantees payment: A common myth is that submitting this waiver guarantees payment. While it may facilitate payment, it does not ensure that funds will be received promptly or at all.
It’s the same as a preliminary lien notice: Many confuse this waiver with a preliminary lien notice. They serve different purposes; the waiver confirms payment, while the notice alerts about potential lien rights.
It’s not legally binding: Some individuals mistakenly believe this waiver holds no legal weight. On the contrary, it is a legally binding document once signed and notarized.
It can be revoked easily: There is a misconception that one can easily revoke a waiver after it has been signed. Revoking a waiver is not straightforward and often requires legal intervention.
All waivers are the same: Not all waivers are created equal. The specifics of the Illinois Final Waiver of Lien form must be followed to ensure it meets legal requirements and protects the interests of the parties involved.

Awareness of these misconceptions can help individuals navigate the complexities of the Illinois Final Waiver of Lien form more effectively.

Example - Illinois Final Waiver Of Lien Form

FINAL WAIVER OF LIEN

STATE OF ILLINOIS	} SS	Gty # _____________________
COUNTY OF _____________________________	} SS	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.

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

STATE OF ILLINOIS	} SS	CONTRACTOR’S AFFIDAVIT
COUNTY OF _____________________________	} SS	CONTRACTOR’S AFFIDAVIT
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

Compliments of Greater Illinois Title Company; for Internal and External Use.

Universal Doc Ref: GP_IEF0029-20050804-R1-0

Dos and Don'ts

When filling out the Illinois Final Waiver of Lien form, it’s crucial to approach the task with care. Here are five things you should and shouldn't do to ensure the process goes smoothly.

Do provide complete and accurate information about the project, including the names of all parties involved.
Do clearly state the total contract amount and any payments received prior to this waiver.
Do ensure that all signatures are obtained from the appropriate parties before submitting the form.
Do keep a copy of the completed waiver for your records.
Do double-check the form for any errors or omissions before finalizing it.

Don't leave any sections blank; incomplete forms may lead to complications.
Don't forget to include any extras, such as change orders, that may affect the total contract price.
Don't submit the waiver without ensuring it has been notarized, if required.
Don't assume that verbal agreements are sufficient; always document any changes in writing.
Don't overlook the importance of understanding your rights and obligations under Illinois lien laws.

Illinois Final Waiver Of Lien: Usage Instruction

After completing the Illinois Final Waiver of Lien form, it is essential to ensure that all information is accurate and that all required signatures are obtained. This document must be properly filled out to protect the rights of all parties involved in the construction project. Follow these steps carefully to complete the form.

Begin by entering the County and Escrow Number at the top of the form.
In the first blank line, write the name of the party who has employed you to furnish materials or services.
In the next blank line, specify the type of materials or services provided.
Fill in the address of the premises where the work was performed.
Identify the owner of the property in the subsequent blank line.
State the amount received for your work in the space provided, followed by the word "Dollars."
Write the date you are completing the form.
Enter your company name in the designated space.
Provide your address below your company name.
Sign the form and include your title beneath your signature.
For the contractor’s affidavit section, write your name and position in the provided spaces.
State the company name of the contractor in the next blank line.
Fill in the description of the work performed.
Enter the total amount of the contract including extras and the amount already paid.
List the names and addresses of all parties who have provided labor or materials in the specified section.
Complete the date and sign the affidavit.
Finally, have the form notarized by a notary public.