Get Waiver and Release of Lien by Contractor

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This Instrument Prepared By: Name Address WAIVER AND RELEASE OF CONSTRUCTION LIEN The undersigned lienor, in consideration of the final payment in the amount of $___, hereby waives and releases its
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FAQ

In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.

The type of lien waiver being used in exchange for payment is extremely important and should be taken seriously. Unconditional waivers should only be used after payment has been received – never before. This is because unconditional waivers are effective regardless of any circumstances surrounding payment.

To really mitigate your lien risk, you need lien waivers from everyone working on the project, not just the parties that you contracted with directly and whom you likely have proof of payment. In short, if they have lien rights, you need a signed lien waiver from them.

Partial lien waivers are executed in exchange for a progress payment on a project. In other words, you're receiving a portion of the payment you're owed for the complete project and you're waiving a corresponding portion of your right to file a lien.

What is RELEASE OF LIEN? When a person pays off a loan in full, the lien is removed. The asset is no longer pledged to the creditor when the balance is completely paid. When this happens, the creditor acknowledges the release of the lien by signing a Mortgage Release of Lien Certificate.

The purpose of a lien is to give your creditor a stake in your property until you pay off a debt. It's a “…charge against or interest in property to secure payment of a debt or performance of an obligation.”

A lien waiver requires a property owner's name, the owner's signature, the current date, and a description of the property being constructed or service being rendered. The lien also requires the construction company's name, current date, and the signature and title of the contractor or subcontractor doing the work.

In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.

The main purpose of a lien waiver is to provide protection to the paying party. In exchange for such payment, the lien waiver “waives” the payee's right to file a lien for the exact value of the payment they have received.

Step 1: Figure Out Your Deadline and Give Yourself Time. ... Step 2: Get a Good Mechanics Lien Form and Fill It Out Completely. ... Step 3: File Your Claim. ... Step 4: Serve Your Lien and Monitor Foreclosure Deadline.