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The Chicago Title Waiver Format form serves as a crucial document in real estate transactions, particularly in the context of construction and renovation projects. This form is designed to protect property owners by ensuring that all contractors, subcontractors, and suppliers waive their rights to place a lien on the property for unpaid work or materials. By signing this waiver, the undersigned acknowledges receipt of payment and relinquishes any claims to a lien under Illinois law, specifically related to mechanics’ liens. The form includes essential details such as the company name, the specific premises involved, and the amount received for services rendered. Additionally, it requires a contractor’s affidavit, which provides further assurance that all waivers are genuine and that there are no outstanding claims against the property. The document also outlines the names and addresses of all parties involved in the project, along with the amounts due, thereby ensuring transparency and accountability in the payment process. Overall, the Chicago Title Waiver Format form is a vital tool for facilitating smooth transactions and safeguarding the interests of property owners in Illinois.

Documents used along the form

The Chicago Title Waiver Format form is an important document in real estate transactions, specifically in construction and renovation projects. It serves to protect property owners from potential liens by contractors or subcontractors. Several other documents complement this form, ensuring that all parties are protected and informed about their rights and obligations. Below is a list of these related forms and documents.

  • Contractor’s Affidavit: This document is sworn by the contractor and confirms that all payments have been made for work performed. It lists all parties involved in the project, detailing the amounts owed and ensuring there are no outstanding claims against the property.
  • Mechanics’ Lien Waiver: This waiver is signed by subcontractors or suppliers, stating that they waive their right to file a lien against the property for the work or materials provided. It protects the property owner from potential claims by these parties.
  • Change Order: A change order is a document that outlines any modifications to the original construction contract. It details changes in scope, pricing, and timelines, ensuring that all parties agree to the new terms.
  • Final Payment Release: This document is signed upon the completion of work and states that the contractor has received full payment. It releases the property owner from any further financial obligations related to the project.
  • Operating Agreement Form: For business owners in Florida, the essential Florida Operating Agreement guidelines are indispensable for outlining management structures and operational procedures.
  • Subcontractor Agreement: This agreement outlines the relationship between the contractor and any subcontractors. It specifies the scope of work, payment terms, and responsibilities, helping to clarify expectations for all parties involved.
  • Notice of Intent to Lien: This notice is sent to the property owner before a lien is filed. It serves as a warning that payment has not been received, allowing the owner to address the issue before legal action is taken.

Understanding these documents is crucial for anyone involved in construction or real estate transactions. They help ensure that all parties are aware of their rights and responsibilities, ultimately contributing to a smoother process and reducing the risk of disputes.

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Chicago Title Waiver Format Example

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

FAQ

What is the Chicago Title Waiver Format form used for?

The Chicago Title Waiver Format form is primarily used to waive any mechanics’ lien rights that a contractor or subcontractor may have on a property. By signing this document, the undersigned acknowledges receipt of payment and relinquishes any claim to a lien on the property for the work performed or materials supplied. This helps ensure that the property owner can proceed without the risk of future claims related to unpaid work.

Who needs to sign the waiver?

The waiver must be signed by the contractor or subcontractor who has provided labor, materials, or services to the property. This includes any parties who may have a claim to payment for work done on the property. It’s crucial that the person signing the waiver is authorized to do so on behalf of their company.

What information is required on the form?

The form requires several key pieces of information, including:

  1. The name of the company providing the services.
  2. The property address where the work was performed.
  3. The total amount of the contract, including any extras.
  4. The amount already paid prior to this payment.
  5. A detailed list of all parties who have provided labor or materials, along with the amounts due to each.

All this information helps to ensure transparency and accountability in the payment process.

What are "extras" in the context of this waiver?

"Extras" refer to any additional work or materials that were not included in the original contract but were necessary for the completion of the project. This can include change orders, both oral and written. It’s essential to account for these extras in the waiver to provide a complete picture of the financial obligations related to the project.

Is notarization required for this form?

Yes, notarization is required for the Chicago Title Waiver Format form. The signature of the individual signing the waiver must be witnessed by a notary public. This step adds an extra layer of authenticity and legal validity to the document, ensuring that the waiver is recognized in legal contexts.

What happens if the waiver is not signed?

If the waiver is not signed, the contractor or subcontractor retains their lien rights. This means they can potentially file a lien against the property if they do not receive payment. For property owners, failing to obtain a signed waiver can lead to complications down the line, including the risk of having to pay for work twice or facing legal action.

Can the waiver be revoked after it is signed?

Once the waiver is signed and notarized, it generally cannot be revoked. It is a binding document that releases the lien rights. If there are disputes regarding payment or the work performed, those issues should be addressed separately through negotiation or legal channels, rather than attempting to revoke the waiver.

How does this form protect property owners?

The Chicago Title Waiver Format form protects property owners by ensuring that all contractors and subcontractors involved in a project acknowledge receipt of payment and waive their rights to file a lien. This reduces the risk of unexpected claims against the property and provides peace of mind that all financial obligations have been settled appropriately.

Key takeaways

When utilizing the Chicago Title Waiver Format form, several important considerations come into play. Understanding these elements ensures proper completion and effective use of the document.

  • Accurate Information: Ensure that all fields, such as company name, project address, and payment amounts, are filled out correctly. Mistakes can lead to disputes or delays.
  • Consideration Amount: Clearly state the amount received in exchange for waiving the lien. This amount should reflect the total payment for services rendered, including any extras.
  • Waiver Scope: The waiver releases all claims to liens on the property and improvements. This includes materials, labor, and any additional work performed.
  • Contractor’s Affidavit: The affidavit section requires the contractor to confirm payment received and that all waivers are genuine. This adds an extra layer of assurance for the owner.
  • List of Parties: Provide a detailed list of all parties involved in the project. Include names, addresses, and amounts due to ensure transparency.
  • Extras Definition: Be aware that “extras” include change orders, both oral and written. This definition is crucial for understanding what is covered under the waiver.
  • Notarization Requirement: The form must be notarized to be valid. This step verifies the authenticity of the signatures and the information provided.

By adhering to these key points, individuals can effectively navigate the complexities of the Chicago Title Waiver Format form, ensuring compliance and protecting their interests in construction projects.

Form Characteristics

Fact Name Details
Purpose The Chicago Title Waiver Format form serves to waive and release any lien claims related to mechanics’ liens for specific premises.
Governing Law This form is governed by the statutes of the State of Illinois, specifically those relating to mechanics’ liens.
Consideration The undersigned acknowledges receipt of a specified dollar amount as consideration for the waiver.
Scope of Waiver The waiver includes all labor, services, materials, and any extras provided up to the date specified in the form.
Contractor's Affidavit The form includes a section where the contractor affirms the accuracy of the information provided regarding payments and outstanding claims.
Extras Definition Extras are defined to include change orders, both oral and written, that are related to the original contract.
Payment Details The form requires detailed accounting of the total contract amount, payments received, and any balances due.
Notary Requirement The signature of the undersigned must be notarized, ensuring the authenticity of the document.
Company Information The form must include the name of the company providing the waiver, along with the owner's name and the location of the premises.