Contents
The Chicago Title Waiver Format form is an essential document in the realm of construction and real estate transactions, particularly in the state of Illinois. This form serves as a formal acknowledgment by contractors or subcontractors that they have received payment for their work and materials provided on a specific property. By signing this waiver, the undersigned relinquishes any rights to file a mechanics' lien against the property, which can be a crucial protection for property owners. The form outlines the details of the work performed, including the total contract amount, any extras such as change orders, and the payments received to date. Additionally, it includes a contractor's affidavit that confirms the accuracy of the information provided and lists all parties involved in the project. This transparency helps ensure that there are no outstanding claims for labor or materials, providing peace of mind for all parties involved. Ultimately, the Chicago Title Waiver Format form plays a vital role in facilitating smooth transactions and protecting the interests of both contractors and property owners.
How to Write Chicago Title Waiver Format
Completing the Chicago Title Waiver Format form requires careful attention to detail. This form is essential for ensuring that all parties involved in a construction project are clear about payment and lien rights. Follow these steps to accurately fill out the form.
- Company Name: Write the name of the company providing the waiver at the top of the form.
- Date: Enter the current date in the designated space.
- State and County: Fill in the state (Illinois) and the county where the work is being performed.
- Escrow Number: Include the escrow number if applicable.
- To Whom It May Concern: Leave this section as is; it is a standard introduction.
- Undersigned Information: Provide the name of the undersigned party who has been employed to furnish labor or materials.
- Premises Description: Clearly describe the premises where the work was performed.
- Owner's Name: State the name of the property owner.
- Consideration Amount: Enter the dollar amount received in exchange for the work performed.
- Signature and Title: The undersigned must sign and print their title below their signature.
- Extras Note: Remember that "extras" include change orders, both oral and written, to the contract.
- Contractor’s Affidavit Section: Fill in the name of the contractor and their position in the company.
- Contract Amount: State the total amount of the contract, including any extras.
- Payment Information: Indicate the amount received prior to this payment.
- Names and Addresses: List all parties who have provided labor or materials, including their respective amounts due.
- Date and Signature: Include the date and have the contractor sign the affidavit section.
- Notary Section: Leave space for a notary public to sign and date the document.
Once the form is completed, it should be submitted to the appropriate parties for processing. Ensure that all information is accurate to avoid any potential disputes regarding payments or liens.
Misconceptions
Misconceptions about the Chicago Title Waiver Format form can lead to confusion and potential issues in real estate transactions. Here are seven common misconceptions, along with clarifications for each.
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The waiver eliminates all rights to file a lien.
This is not accurate. The waiver only applies to specific claims and does not negate all rights. It is essential to understand the scope of the waiver.
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All parties must sign the waiver for it to be valid.
While it is good practice for all relevant parties to sign, the waiver can still be valid if signed by the primary contractor or supplier involved.
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The waiver is only necessary for large projects.
This misconception is misleading. Even small projects can benefit from having a waiver in place to protect all parties involved.
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The waiver covers future work automatically.
The waiver is specific to the work completed up to a certain date. Future work typically requires a new waiver.
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The waiver is only for contractors.
This is incorrect. Subcontractors and suppliers can also use the waiver to protect their rights regarding payment for work or materials provided.
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Once signed, the waiver cannot be revoked.
While waivers are generally binding, there may be circumstances under which a waiver can be contested or revoked, especially if fraud is involved.
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The waiver must be notarized to be effective.
Notarization is not always required for a waiver to be effective, but having it notarized can provide additional legal protection and credibility.
Understanding these misconceptions can help ensure that all parties are adequately protected and informed during real estate transactions.
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
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 |
||
Key takeaways
When filling out and using the Chicago Title Waiver Format form, consider the following key takeaways:
- Accurate Information: Ensure that all details, including the company name, project address, and contract amounts, are filled out accurately to avoid any issues later.
- Consideration Amount: Clearly state the amount of consideration received, as this is essential for the waiver's validity.
- Extras Definition: Understand that "extras" include any change orders, whether oral or written. This can affect the total contract amount.
- Contractor’s Affidavit: The contractor must provide a sworn statement confirming the accuracy of the waiver and listing all parties involved in the project.
- Notary Requirement: The form must be notarized to ensure its legal standing. This adds a layer of verification to the information provided.
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Dos and Don'ts
When filling out the Chicago Title Waiver Format form, there are important guidelines to follow. Here’s a list of things you should and shouldn’t do:
- Do provide accurate company and contractor names.
- Do ensure all amounts are clearly stated and correct.
- Do include the complete address of the premises.
- Do sign and date the form in the appropriate sections.
- Do list all parties who provided labor or materials.
- Don’t leave any sections blank; fill out all required information.
- Don’t forget to have the form notarized where indicated.
Following these guidelines will help ensure that the form is completed correctly and efficiently.
Similar forms
The Chicago Title Waiver Format form shares similarities with a General Lien Waiver. Both documents serve the purpose of releasing a contractor's right to file a lien against a property for unpaid work or materials. In essence, a General Lien Waiver is a tool used to assure property owners that they will not face claims from contractors for payment once a waiver is signed. This helps to maintain clear title to the property and assures that the owner has fulfilled their obligations to the contractor, thus preventing potential disputes over payments.
Another document akin to the Chicago Title Waiver Format is the Partial Lien Waiver. This type of waiver is used when a contractor has received partial payment for work completed. It releases the right to lien only for the amount paid, while retaining the right to lien for any remaining balance. Like the Chicago Title Waiver, it provides assurance to the property owner that they have settled their dues up to a certain point, while also protecting the contractor’s rights for future payments.
The Contractor’s Affidavit is also similar in function. This document is often used in conjunction with lien waivers to confirm that a contractor has received payment and that all subcontractors and suppliers have been paid as well. It serves as a declaration that there are no outstanding claims against the property, thus providing a layer of security for the property owner. The Contractor’s Affidavit complements the Chicago Title Waiver by providing further assurance regarding the financial standing of the contractor.
A Mechanic's Lien Release is another related document. This release is specifically used to eliminate a mechanic's lien that has already been filed against a property. Similar to the Chicago Title Waiver, it serves to clear any claims the contractor has against the property, allowing the owner to move forward without the burden of a lien. Both documents emphasize the importance of financial clarity and protect the interests of property owners.
The Subcontractor Lien Waiver is yet another document that operates similarly to the Chicago Title Waiver Format. This waiver is specifically designed for subcontractors who wish to release their right to file a lien against a property for the work they have performed. By signing this waiver, subcontractors assure the property owner that they have been paid for their services, thus preventing any future claims. This fosters trust between all parties involved in a construction project.
Additionally, the Final Lien Waiver is closely related. This document is typically used at the conclusion of a project, indicating that the contractor has received full payment for all work performed. It ensures that no further claims can be made against the property once the final payment has been made. Like the Chicago Title Waiver, it serves to protect the property owner from future disputes regarding payment for services rendered.
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Lastly, a Conditional Lien Waiver is similar in that it is contingent upon the receipt of payment. This means that the waiver is effective only if the contractor receives the payment specified in the document. Until that payment is made, the contractor retains their right to file a lien. This type of waiver, like the Chicago Title Waiver, is crucial for maintaining clear communication and understanding between contractors and property owners regarding payment obligations.