Fill Out a Valid Chicago Title Waiver Format Form

Fill Out a Valid Chicago Title Waiver Format Form

The Chicago Title Waiver Format form is a legal document used in Illinois to waive any lien rights related to construction work performed on a property. This form serves to protect property owners by ensuring that contractors and subcontractors relinquish their claims to any unpaid labor or materials once they receive payment. By signing this waiver, the undersigned acknowledges receipt of payment and confirms that there are no outstanding claims against the property in question.

Access This Chicago Title Waiver Format Now

The Chicago Title Waiver Format form serves as a crucial document in construction and real estate transactions, specifically within the state of Illinois. This form is designed to protect property owners from potential mechanics’ liens by ensuring that contractors and subcontractors waive their rights to claim any lien on the property for work performed or materials supplied. It outlines essential details such as the company name, the property address, and the total contract amount, including any extras. The form requires the undersigned to acknowledge receipt of payment and confirms that all waivers are genuine and unconditional. Additionally, it includes a contractor's affidavit that verifies the contractor's position and the payment status for the project. The affidavit also lists all parties involved in the labor or materials provided, ensuring transparency in the financial obligations related to the work completed. By utilizing this form, all parties can maintain clarity and mitigate disputes regarding payments and liens, ultimately fostering a smoother transaction process.

Dos and Don'ts

When filling out the Chicago Title Waiver Format form, it is important to follow specific guidelines to ensure accuracy and compliance. Below are six recommendations for what to do and what to avoid.

  • Do provide complete and accurate information in all fields, including company name and addresses.
  • Do clearly state the amount of consideration received for the waiver.
  • Do include the correct date and signatures of all relevant parties.
  • Do ensure that all necessary attachments, such as change orders, are referenced in the form.
  • Don't leave any sections blank; incomplete forms may lead to delays or issues.
  • Don't use vague language; specificity is crucial to avoid misunderstandings.

Key takeaways

When using the Chicago Title Waiver Format form, it is important to keep several key points in mind to ensure proper completion and understanding.

  • Understand the Purpose: This form is designed to waive any lien rights under Illinois law. It protects the property owner from future claims by contractors or suppliers for unpaid work or materials.
  • Complete All Sections: Make sure to fill in all required information, including the company name, contract details, and the amount being waived. Incomplete forms may not be valid.
  • Include Extras: Clearly state any extras, such as change orders, that are part of the contract. This ensures that all work and materials are accounted for in the waiver.
  • Obtain Signatures: The form must be signed by the contractor or their representative. Ensure that the signature is notarized to confirm its authenticity.
  • Keep Copies: After filling out the form, make copies for your records. This documentation may be important for future reference or disputes.

By following these guidelines, you can effectively use the Chicago Title Waiver Format form and protect your interests in any construction project.

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Example - 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 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

Misconceptions

Understanding the Chicago Title Waiver Format form is crucial for anyone involved in real estate transactions in Illinois. However, several misconceptions can lead to confusion. Here are ten common misunderstandings about this form:

  1. It guarantees payment to all contractors. The waiver does not guarantee that all contractors or suppliers will be paid; it merely releases the right to file a lien against the property for the work completed up to that date.
  2. All waivers are the same. Not all waiver forms are identical. The Chicago Title Waiver Format has specific language and requirements that must be followed.
  3. Signing the waiver means giving up all rights. While the waiver does relinquish the right to file a lien for the specified work, it does not eliminate all rights related to the contract or payment disputes.
  4. Waivers are only for contractors. Subcontractors and suppliers can also use this form to waive their lien rights, ensuring they understand their position in the payment chain.
  5. It is only necessary in large projects. The waiver is important for any construction project, regardless of size, to protect all parties involved.
  6. Once signed, it cannot be revoked. While it is challenging to revoke a waiver once signed, there may be circumstances under which a party can contest its validity, such as fraud or misrepresentation.
  7. The waiver covers future work automatically. The waiver only pertains to work completed up to the date it is signed; any future work requires a new waiver.
  8. All parties must sign the waiver. Only those who are waiving their lien rights need to sign the waiver; not every party involved in the project is required to do so.
  9. It is not legally binding. The waiver is a legally binding document once signed and notarized, meaning it holds significant weight in legal proceedings.
  10. Notarization is optional. Notarization is a necessary step for the waiver to be considered valid and enforceable in Illinois.

By clarifying these misconceptions, parties involved in real estate transactions can navigate the Chicago Title Waiver Format form more effectively and protect their interests.

Similar forms

  • Mechanics Lien Waiver: This document serves a similar purpose by releasing any claims for payment related to labor or materials provided on a construction project. Like the Chicago Title Waiver, it ensures that contractors and subcontractors cannot later assert a lien against the property.
  • Final Waiver of Lien: This document is often used at the end of a project to confirm that all parties have been paid and waive any future claims. It aligns closely with the Chicago Title Waiver by confirming that all liens are released upon receipt of payment.
  • Partial Waiver of Lien: This document is used when a contractor receives partial payment. It waives the right to claim a lien only for the amount paid, similar to how the Chicago Title Waiver releases claims for specific amounts.
  • Affidavit of Payment: This document attests that all subcontractors and suppliers have been paid for their work. It complements the Chicago Title Waiver by ensuring transparency about payments made on the project.
  • Subcontractor Waiver: This is a waiver provided by subcontractors to the general contractor. It is similar to the Chicago Title Waiver in that it releases any claims for payment related to their work on the project.
  • General Release of Claims: This document releases all claims against a party, similar to the Chicago Title Waiver. It ensures that once payment is made, no further claims can be pursued regarding the project.