Fill Out a Valid Chicago Title Waiver Format Template Launch Editor Here

Fill Out a Valid Chicago Title Waiver Format Template

The Chicago Title Waiver Format form is a legal document used in Illinois to waive any lien rights related to construction work or materials provided for a specific property. This form ensures that contractors and suppliers acknowledge receipt of payment and relinquish their claims against the property owner for services rendered. Understanding this form is crucial for both property owners and contractors to protect their rights and avoid potential disputes.

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The Chicago Title Waiver Format form serves as an essential document in the construction and real estate industries, particularly in Illinois. It facilitates the waiver of mechanics' lien rights, allowing contractors and subcontractors to relinquish any claims against a property for labor or materials provided. This form is structured to include critical information such as the company name, the specific property address, and the total amount of the contract, including any extras. The undersigned party acknowledges receipt of payment and confirms that no further claims exist regarding labor or materials provided to date. Additionally, the form requires a contractor’s affidavit, which affirms the accuracy of the information provided and lists all parties involved in the project, ensuring transparency and compliance with local statutes. By utilizing this waiver, parties involved in a construction project can mitigate potential disputes over payments and establish a clear understanding of financial obligations related to the work performed.

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Misconceptions

Here are four common misconceptions about the Chicago Title Waiver Format form:

  • It's only for contractors. Many people think that only contractors need to use this waiver. In reality, anyone providing labor or materials for a construction project, including subcontractors and suppliers, may need to complete this form to protect their rights.
  • Signing the waiver means giving up all rights. Some believe that by signing this waiver, they relinquish all claims to payment. However, the waiver specifically applies to liens related to the project. It does not eliminate the right to pursue payment through other means if the contract terms are not met.
  • The waiver is only necessary at the end of a project. A common misunderstanding is that the waiver should only be signed once the project is complete. In fact, it can be used at various stages of the project, especially when payments are made, to ensure that all parties are clear about the status of payments and claims.
  • All waivers are the same. Many assume that all lien waivers are interchangeable. However, the Chicago Title Waiver Format form has specific language and requirements tailored to Illinois law. Using the correct form is crucial to ensure legal compliance and protection of rights.
↓ Chicago Title Waiver Format PDF Form

Key takeaways

When utilizing the Chicago Title Waiver Format form, several important considerations should be kept in mind to ensure its effective use. Here are key takeaways:

  • Accurate Information: Ensure that all fields are filled out accurately, including the company name, address, and the total amount of the contract. Inaccuracies can lead to complications in the waiver's validity.
  • Consideration Acknowledgment: The form requires acknowledgment of consideration received. This typically includes the dollar amount paid and any other valuable considerations.
  • Scope of Waiver: The waiver applies to all liens or claims related to labor, materials, and improvements made on the specified premises. Understanding this scope is crucial to avoid future disputes.
  • Extras Inclusion: Be aware that extras, such as change orders, must be included in the waiver. Both oral and written changes to the contract are considered part of the total contract price.
  • Notary Requirement: The form must be signed and notarized. This step adds a layer of authenticity and can be essential in legal contexts.

These points serve as a guide to effectively complete and utilize the Chicago Title Waiver Format form, helping to protect all parties involved in a construction contract.

Dos and Don'ts

When filling out the Chicago Title Waiver Format form, it is important to follow certain guidelines to ensure accuracy and compliance. Below are four key things to do and not to do:

  • Do provide complete and accurate information for all fields, including the company name, address, and contract details.
  • Do ensure that all signatures are dated and properly executed by authorized individuals.
  • Do double-check that all amounts, including the total contract price and payments received, are correctly stated.
  • Do keep copies of the completed form for your records and for any future reference.
  • Don't leave any fields blank; incomplete forms may lead to legal complications.
  • Don't use vague language; be specific about the work performed and the materials supplied.
  • Don't forget to include all relevant extras, such as change orders, to avoid disputes later.
  • Don't submit the form without ensuring it has been notarized if required.

Chicago Title Waiver Format Preview

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