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The Chicago Title Waiver Format form is an essential document in the construction and real estate industries, particularly in Illinois. This form serves as a formal waiver of lien, which protects property owners from potential claims against their property by contractors or subcontractors who have provided labor or materials. The document outlines the specifics of the work performed, including the total contract amount, any extras, and payments received. It requires the contractor to acknowledge receipt of payment and confirm that all waivers are genuine and unencumbered by any claims. Additionally, the form mandates the contractor to provide a list of all parties involved in the project, detailing what work they contributed and the amounts due. This transparency is crucial for maintaining trust between property owners and contractors. The document must be signed and notarized to ensure its legal validity, making it a critical step in the construction payment process.

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Dos and Don'ts

When filling out the Chicago Title Waiver Format form, it’s essential to be thorough and accurate. Here’s a list of things you should and shouldn’t do:

  • Do read the entire form carefully before starting.
  • Do provide accurate information about the company name and the premises.
  • Do ensure that all dollar amounts are clearly stated and accurate.
  • Do include your signature and title at the end of the form.
  • Do keep a copy of the completed form for your records.
  • Don't leave any sections blank; fill in all required fields.
  • Don't use vague terms; be specific about the work done and materials used.
  • Don't forget to have the form notarized if required.
  • Don't ignore the importance of including all extras, such as change orders.

By following these guidelines, you can help ensure that your form is completed correctly and efficiently.

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

Listed Questions and Answers

  1. What is the purpose of the Chicago Title Waiver Format form?

    The Chicago Title Waiver Format form is used to waive any lien rights that a contractor or subcontractor may have on a property. When a contractor completes work on a property, they may have the right to file a lien if they are not paid. This form allows them to formally release those rights in exchange for payment. It helps protect property owners from potential claims against their property after they have paid for the work done.

  2. Who should fill out this form?

    This form should be filled out by the contractor or subcontractor who has provided labor or materials for a construction project. It is important that the individual signing the form is authorized to act on behalf of the company performing the work. This ensures that the waiver is valid and legally binding.

  3. What information is required on the form?

    The form requires several key pieces of information:

    • The name of the company providing the waiver.
    • The name and address of the property owner.
    • The total contract amount, including any extras.
    • The amount already paid and the balance due.
    • The names and addresses of all parties involved in providing labor or materials.

    Completing all sections accurately is crucial to ensure the waiver is effective.

  4. What are "extras" in the context of this form?

    In this context, "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 that were agreed upon either orally or in writing. It is important to list these extras on the form to provide a complete picture of the work done and to ensure that all parties are aware of the total costs associated with the project.

Form Overview

Fact Name Description
Document Purpose The Chicago Title Waiver Format form serves to waive any lien rights related to mechanics’ liens for work performed on a property.
Governing Law This form is governed by the statutes of the State of Illinois, specifically those relating to mechanics' liens.
Consideration The waiver is executed in exchange for a specified sum of money and other valuable considerations, acknowledging receipt of payment.
Parties Involved The form requires information about the contractor, the owner of the property, and any subcontractors or suppliers involved in the project.
Extras Definition Extras are defined within the form to include change orders, whether oral or written, that may affect the contract value.
Notary Requirement The form must be subscribed and sworn before a notary public, ensuring the authenticity of the signatures and statements made.
Liability Release By signing the waiver, the undersigned releases any claims to liens against the property, which protects the owner from future claims related to unpaid work.