Fill Out a Valid 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 protects property owners by ensuring that all contractors and subcontractors acknowledge receipt of payment and relinquish their rights to file a lien on the property. Understanding this form is essential for anyone involved in construction or renovation projects in Illinois.

Access This Illinois Final Waiver Of Lien Now

The Illinois Final Waiver of Lien form serves as an essential document in the construction and real estate industries, providing a means for contractors, subcontractors, and suppliers to formally relinquish their right to file a lien against a property. This waiver is particularly significant in ensuring that all parties involved in a construction project are compensated fairly and promptly, as it confirms that the undersigned has received payment for their services or materials provided. The form includes key details such as the name of the contractor, the amount paid, and a description of the work performed, which may encompass additional costs known as "extras." By signing this document, the contractor acknowledges that they have been compensated for all labor, materials, and services rendered, thereby protecting the property owner from potential claims. Additionally, the form requires a sworn affidavit from the contractor, affirming the validity of the waiver and confirming that no other claims exist against the property. This process not only facilitates transparency but also fosters trust among all parties involved in the construction project.

Dos and Don'ts

When filling out the Illinois Final Waiver of Lien form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here are nine important do's and don'ts:

Do read the entire form carefully before beginning to fill it out.
Do provide complete and accurate information about the project and the parties involved.
Do include the correct dollar amount for the payment received.
Do sign and date the form in the designated areas.
Do ensure that all relevant extras are accounted for in the waiver.
Don't leave any sections blank unless instructed to do so.
Don't use abbreviations that may cause confusion in the form.
Don't forget to have the document notarized where required.
Don't submit the form without reviewing it for errors or omissions.

Key takeaways

When using the Illinois Final Waiver of Lien form, it is essential to consider the following key points:

Purpose of the Form: This form serves to waive any lien rights related to work performed on a property, ensuring that the contractor or subcontractor releases any claims against the property owner.
Accurate Information: Fill in all required fields accurately, including the name of the contractor, property owner, and details of the work performed.
Consideration Amount: Clearly state the total amount received for the work, as this is crucial for validating the waiver.
Extras Included: Be aware that "extras" such as change orders must be accounted for in the waiver, as they can affect the total contract price.
Notarization Requirement: The form must be notarized to ensure its authenticity, which adds a layer of protection for all parties involved.

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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

Misconceptions

Misconception 1: The Final Waiver of Lien is optional.

Many people believe that submitting a Final Waiver of Lien is not necessary. In reality, it is often a critical step in the payment process for contractors and subcontractors. This document protects both parties by confirming that all payments have been made and that no further claims can be made against the property.

Misconception 2: Signing the waiver means you cannot file a lien later.

Some think that by signing the waiver, they lose their right to file a lien in the future. However, this is only true if the waiver is signed after full payment has been received. If payment is incomplete or not made, the right to file a lien remains intact.

Misconception 3: The waiver covers all future work automatically.

It is a common misunderstanding that the Final Waiver of Lien applies to all future work done on a property. In fact, it only covers the specific work and payments acknowledged in the document. Future projects may require separate waivers.

Misconception 4: The waiver is only for contractors.

While contractors frequently use this form, subcontractors and suppliers also benefit from it. Anyone providing labor or materials for a project should consider using a waiver to protect their rights.

Misconception 5: The waiver eliminates the need for contracts.

Some individuals mistakenly believe that a Final Waiver of Lien can replace a contract. In reality, the waiver is a supplement to a contract, confirming that payment has been made and that there are no outstanding claims.

Misconception 6: All waivers are the same.

Many assume that all waivers are identical, but this is not true. Different states have varying requirements, and specific projects may need tailored language to address unique circumstances. It’s essential to use the correct form for Illinois to ensure compliance with local laws.

Similar forms

Partial Waiver of Lien: Similar to the Final Waiver of Lien, this document releases a claim on a property but only for a specific portion of the payment. It ensures that the contractor or subcontractor is only waiving rights to the amount already paid, leaving the right to claim for the remaining balance intact.
Conditional Waiver of Lien: This waiver is effective only upon receipt of payment. It protects the contractor by allowing them to maintain their lien rights until the payment is confirmed. It is similar in purpose but conditional on the payment being received.
Unconditional Waiver of Lien: This document releases all lien rights without any conditions. It is similar to the Final Waiver of Lien in that it completely relinquishes the right to file a lien, but it can be used at various stages of payment.
Mechanics Lien Claim: This is the opposite of a waiver. It is a document filed by contractors or suppliers to claim unpaid amounts for work done. While the Final Waiver of Lien releases claims, the Mechanics Lien Claim establishes them.
Contractor’s Affidavit: This document is often used alongside waivers. It verifies that all payments have been made and that there are no outstanding claims. It supports the claims made in the Final Waiver of Lien by providing additional assurance of payment.
Release of Lien: This document formally cancels a previously filed lien. It serves a similar function as the Final Waiver of Lien by clearing any claims against the property, but it is used after a lien has already been filed.
Notice of Intent to Lien: This document notifies property owners of a potential lien if payment is not received. While the Final Waiver of Lien is a release, this notice serves as a warning and is a proactive step in the lien process.
Change Order: This document modifies the original contract terms, often including adjustments to scope or payment. While it is not a lien document, it can lead to waivers and claims, making it relevant in the context of payment and lien rights.