Get Conditional Waiver and Release of Lien Upon Final Payment

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Prepared by, recording requested by and return to: Name: ___ Company: ___ Address: ___ City: ___ State: ___ Zip: ___ Phone: ___ Fax: ___Above this Line for Official Use OnlyCONDITIONAL WAIVER AND
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FAQ

A lien waiver is signed before a lien is actually filed. The party submitting the lien waiver states that they waive the right to lien against the project. In some instances, the property owner or general contractor may request that you sign and deliver a lien waiver before payment is disbursed.

A lien waiver is a document commonly exchanged among parties in the construction industry as part of the payment process. The party receiving payment signs a lien waiver (often at the request of the party making payment) in exchange for payment.

A lien waiver is a written agreement between a payer and a counterparty where said counterparty gives up their right to place a lien on the payer's property or goods. ... A lien waiver is similar to a receipt and can prevent a mechanic's lien from being filed.

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.

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.

CONDITIONAL WAIVER AND RELEASE This means that you agree to release the lien once the payment clears. Because of this, a conditional lien release protects the grantor. If there is an issue with the payment, or it is not issued as anticipated, then you haven't released your right to file a mechanics lien.

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.

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.”