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The Chicago Title Waiver Format form serves as a crucial document in the construction and real estate industries, particularly in the state of Illinois. It is designed to protect property owners from potential mechanics' liens by providing a formal waiver of any claims related to labor, materials, or services rendered on a specific property. This form includes essential details such as the company name, the property address, and the total contract amount, including any extras. The undersigned contractor acknowledges receipt of payment and certifies that all waivers are accurate and unconditional. Additionally, the form requires a declaration of all parties involved in the project, ensuring transparency regarding who has been compensated and what amounts remain outstanding. The inclusion of a notary public's signature further legitimizes the document, providing an extra layer of assurance for all parties involved. By utilizing this form, contractors and property owners can navigate their financial obligations and protect their interests effectively.

Common mistakes

  1. Incorrect Company Name: Failing to accurately fill in the company name can lead to confusion and potential legal issues.

  2. Missing Dates: Not including the date can invalidate the waiver and affect its enforceability.

  3. Inaccurate Property Description: Omitting or misdescribing the property can result in disputes over the waiver's applicability.

  4. Improper Amounts: Listing incorrect amounts for payment or balances can create misunderstandings and complicate future claims.

  5. Neglecting Signatures: Failing to sign the document or not having the required signatures can render the waiver ineffective.

  6. Omitting Contractor Information: Not providing the contractor's name, position, or company can lead to issues with accountability.

  7. Ignoring Additional Parties: Not listing all parties who have provided labor or materials can expose the signer to liability.

  8. Failure to Include Extras: Not specifying extras, such as change orders, can lead to disputes over what is covered by the waiver.

  9. Notarization Issues: Forgetting to have the document notarized can affect its legitimacy and acceptance.

Preview - Chicago Title Waiver Format Form

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

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Documents used along the form

When working with the Chicago Title Waiver Format form, several other documents are often utilized to ensure clarity and compliance in the transaction. Each of these documents serves a specific purpose and helps protect the interests of all parties involved.

  • Contractor's Affidavit: This document is a sworn statement by the contractor, affirming that they have received payment for the work performed. It outlines the total contract amount, payments made, and lists all parties involved in the project. This affidavit assures that there are no outstanding claims for labor or materials.
  • Durable Power of Attorney: This legal document allows you to appoint someone to make decisions on your behalf if you become unable to do so. For more information, visit https://nypdfforms.com.
  • Notice of Intent to Lien: This notice informs property owners that a contractor or subcontractor intends to file a lien if payment is not received. It serves as a warning and provides the owner with an opportunity to settle any disputes before a lien is placed on the property.
  • Release of Lien: This document is issued by the contractor or subcontractor after payment has been received. It formally relinquishes any claim to a lien on the property, providing peace of mind to the property owner that their title is clear.
  • Change Order: A change order is a document that modifies the original construction contract. It outlines any changes in scope, pricing, or timelines and must be agreed upon by all parties. This ensures that any additional work or alterations are documented and authorized.

Understanding these documents can help facilitate smoother transactions and mitigate risks associated with construction projects. Each plays a critical role in protecting both the contractor's rights and the property owner's interests.

Similar forms

The Chicago Title Waiver Format form shares similarities with the Release of Lien document. Both forms serve to protect property owners from potential claims against their property. The Release of Lien is typically used after a contractor or supplier has been paid for their services or materials. It formally acknowledges that the contractor or supplier relinquishes any right to file a lien against the property. This provides assurance to the property owner that they will not face future claims related to unpaid services or materials.

In the realm of property transactions, clarity and security are paramount; thus, utilizing reliable documents such as the Mobile Home Bill of Sale form can play a crucial role in the transfer of ownership, ensuring that all parties are informed and protected throughout the process.

Another document that resembles the Chicago Title Waiver Format form is the Lien Waiver and Release on Progress Payment. This type of waiver is used when a contractor receives a partial payment for work completed. Similar to the Chicago Title Waiver, it confirms that the contractor waives their right to file a lien for the amount received. This document helps maintain transparency between the contractor and the property owner, ensuring that both parties understand the financial transactions related to the project.

The Contractor's Affidavit is also similar to the Chicago Title Waiver Format form. This affidavit is a sworn statement by the contractor that details the work performed and confirms that all parties involved have been paid. It assures the property owner that there are no outstanding claims or liens against the property. Like the waiver form, the Contractor's Affidavit aims to protect the owner from unexpected financial liabilities after the completion of a project.

The Final Lien Waiver is another document that functions similarly to the Chicago Title Waiver Format form. This waiver is used at the end of a project, once the contractor has been fully paid. It indicates that the contractor releases any further claims against the property. By using this document, property owners can feel secure that they have settled all financial obligations related to the project, reducing the risk of future disputes.

Lastly, the Conditional Waiver and Release on Progress Payment shares characteristics with the Chicago Title Waiver Format form. This document is used when a contractor submits a waiver that is contingent upon receiving a payment. It provides a level of security for the contractor while also ensuring that the property owner is protected from potential liens. The conditional nature of this waiver allows for flexibility in the payment process while still promoting clear communication between the parties involved.

Dos and Don'ts

When filling out the Chicago Title Waiver Format form, keep the following tips in mind:

  • Do read the entire form carefully before starting. Understanding each section is crucial.
  • Do provide accurate and complete information. Double-check names, addresses, and amounts.
  • Do sign and date the form in the appropriate sections. Missing signatures can delay processing.
  • Don't leave any blank spaces unless instructed. All fields should be filled out as required.
  • Don't use abbreviations or shorthand. Write everything clearly and legibly.
  • Don't forget to have the form notarized if required. This adds an extra layer of validity.

Key takeaways

Here are some key takeaways about filling out and using the Chicago Title Waiver Format form:

  • The form is designed to waive any mechanics' lien claims related to a specific property.
  • It requires the name of the company providing the waiver, along with the property owner's name.
  • Clearly state the amount of money involved in the waiver, as well as any other valuable considerations.
  • Ensure that the property address is accurately filled in to avoid confusion.
  • All parties involved should understand that signing this form releases any claims against the property.
  • Extras, such as change orders, must be included and acknowledged in the waiver.
  • The contractor must provide a sworn affidavit confirming the accuracy of the waiver and payment received.
  • List all parties who have provided labor or materials for the project, along with the amounts due.
  • Be aware that the form must be notarized to be legally binding.
  • Keep a copy of the completed form for your records, as it serves as proof of the waiver.

How to Use Chicago Title Waiver Format

Once you have the Chicago Title Waiver Format form in hand, it's time to fill it out accurately to ensure all necessary information is provided. This form serves a specific purpose in the context of construction and property transactions, and completing it correctly is crucial. Follow the steps below to guide you through the process.

  1. Company Name: Write the name of your company at the top of the form.
  2. Waiver of Lien to Date: Fill in the date you are completing the waiver.
  3. State and County: Indicate the State of Illinois and the relevant County where the property is located.
  4. Escrow Number: Enter the escrow number associated with the transaction.
  5. To Whom It May Concern: Leave this section as is; it is standard language.
  6. Undersigned Information: Fill in your name and the name of the company that has employed you to furnish services or materials.
  7. Property Description: Provide the address of the premises where work was performed.
  8. Owner's Name: Indicate the name of the property owner.
  9. Consideration Amount: Write the amount of money (in dollars) being received in exchange for the waiver.
  10. Date: Enter the date of the waiver again for clarity.
  11. Address: Provide your business address.
  12. Signature and Title: Sign the form and include your title within the company.
  13. Contractor’s Affidavit Section: Fill in your name, position, and company name.
  14. Building Location: Enter the address of the building where the work was done.
  15. Contract Amount: State the total contract amount, including extras.
  16. Payment Received: Indicate the amount you have received prior to this payment.
  17. Party Information: List the names and addresses of all parties who provided labor or materials.
  18. Contract Price: Note the contract price, including extras, for each listed party.
  19. Amount Paid: Specify the amount paid for this payment to each listed party.
  20. Balance Due: Indicate the balance due for each party.
  21. Total Labor and Material: Provide the total amount of labor and materials needed to complete the work.
  22. Outstanding Contracts: Confirm that there are no other outstanding contracts related to this work.
  23. Date: Write the date of signing the affidavit.
  24. Signature: Sign the affidavit.
  25. Notary Section: Leave space for a notary public to sign and date the document.

After completing the form, review it carefully to ensure all information is accurate and complete. Once verified, it will be ready for submission or notarization as required. This step is essential to protect your rights and interests in the transaction.