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Chicago Title Waiver Format Sample

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
⇓ PDF File

Instructions on Utilizing Chicago Title Waiver Format

After obtaining the Chicago Title Waiver Format form, you will need to fill it out accurately to ensure all necessary information is provided. Follow these steps to complete the form correctly.

  1. Company Name: Enter the name of the company that is waiving the lien at the top of the form.
  2. Date: Write the current date in the designated space.
  3. State and County: Fill in the state (Illinois) and the county where the property is located.
  4. Escrow Number: Input the escrow number, if applicable.
  5. To Whom It May Concern: Leave this section as is; it is a standard opening line.
  6. Undersigned: Fill in the name of the individual or company that has been employed to furnish labor or materials.
  7. Premises: Describe the property by entering its address.
  8. Owner: State the name of the owner of the property.
  9. Consideration Amount: Write the dollar amount being received in exchange for the waiver.
  10. Waiver of Lien: Acknowledge the waiver of lien rights as stated in the form.
  11. Date: Repeat the date again in the section provided.
  12. Address: Provide the address of the undersigned.
  13. Signature and Title: The undersigned should sign and print their title below the signature.
  14. Contractor’s Affidavit: Fill out the contractor's affidavit section with the name, position, and company name of the contractor.
  15. Building Location: Enter the address of the building where the work is being performed.
  16. Contract Amount: State the total amount of the contract, including any extras.
  17. Payment Received: Indicate the amount already received prior to this payment.
  18. Names and Addresses: List the names and addresses of all parties who have provided labor or materials.
  19. Contract Price: Specify the contract price, including extras, for each listed party.
  20. Amount Paid: Record the amount paid to each party listed.
  21. Balance Due: Calculate and write the balance due for each party.
  22. Date: Enter the date again for the affidavit section.
  23. Signature: The contractor must sign the affidavit.
  24. Notary Public: Leave space for the notary to sign and date the form.

Once the form is completed, ensure all information is accurate before submitting it as required. This will help in maintaining clear records and avoiding any potential disputes regarding lien rights.

Misconceptions

  • Misconception 1: The Chicago Title Waiver Format form is only for contractors.

    • Many people believe that this form is exclusively for contractors. In reality, it can be used by various parties involved in a construction project, including subcontractors and suppliers. Anyone who provides labor or materials for a project may need to use this waiver to protect their rights.

  • Misconception 2: Signing the waiver means giving up all rights to payment.

    • Some think that by signing the waiver, they relinquish all rights to any future payments. However, the waiver only applies to the specific work and materials provided up to the date of signing. It does not affect claims for work done after that date or for any outstanding payments.

  • Misconception 3: The waiver is unnecessary if a contract exists.

    • Another common belief is that if a contract is in place, a waiver is not needed. This is not true. Even with a contract, a waiver helps clarify the payment status and protects against potential liens. It acts as an additional layer of security for all parties involved.

  • Misconception 4: The waiver can be signed without understanding its implications.

    • Some individuals may assume they can sign the waiver without fully understanding its terms. This can lead to unintended consequences. It’s crucial to read and comprehend the document before signing, as it can impact rights and claims regarding payment and liens.

Documents used along the form

The Chicago Title Waiver Format form is an important document in real estate transactions, specifically for waiving mechanics' liens. However, it is often accompanied by other essential forms that help clarify obligations and protect the interests of all parties involved. Below is a list of some of these commonly used documents.

  • Contractor's Affidavit: This document is a sworn statement from the contractor affirming that they have received payment for work done and that all necessary waivers have been provided. It includes details about the total contract amount, payments received, and a list of all parties involved in the project.
  • New York DTF 84 form: The https://nypdfforms.com/new-york-dtf-84-form is utilized by businesses for sales tax certification as a Qualified Empire Zone Enterprise (QEZE), allowing them to benefit from specific tax exemptions.
  • Notice of Intent to Lien: This is a formal notice sent to property owners and other interested parties before filing a mechanics' lien. It informs them of the contractor's intention to file a lien if payment is not made. This document serves as a warning and may encourage prompt payment.
  • Final Waiver of Lien: This document is executed at the end of a project, confirming that the contractor has received full payment and waives any future lien rights related to the project. It protects the property owner by ensuring no further claims can be made after payment is completed.
  • Change Order: A change order is a document that outlines any modifications to the original construction contract. It may include changes in scope, cost, or schedule and must be agreed upon by both the contractor and the property owner. This document is crucial for managing expectations and ensuring all parties are on the same page.

Each of these documents plays a vital role in the construction and real estate process, helping to ensure transparency and fairness for all parties involved. Understanding these forms can help you navigate the complexities of real estate transactions more effectively.