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The Chicago Title Waiver Format form serves as a legal document that allows contractors to waive their lien rights on a property in the state of Illinois. This form is essential for ensuring that all parties involved in a construction project are aware of any claims related to labor and materials provided. By utilizing this waiver, contractors can facilitate smoother transactions and protect the interests of property owners.

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The Chicago Title Waiver Format form serves as a critical document in the construction and real estate industries, particularly in Illinois. It facilitates the waiver of lien rights for contractors and subcontractors who have provided labor or materials for a project. By executing this form, the undersigned acknowledges receipt of payment and relinquishes any claims to a lien on the property in question. This form outlines essential details such as the company name, project address, and the amount involved in the transaction. It also includes a contractor's affidavit, which requires the contractor to verify that all waivers are accurate and that no outstanding claims exist against the project. The waiver specifically covers all labor, materials, and any extras, including change orders, ensuring that all parties are clear on what has been paid and what remains due. This document not only protects the rights of the property owner but also clarifies the financial obligations of the contractor, making it a vital tool in maintaining transparency and preventing disputes.

Sample - 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

Document Breakdown

Fact Name	Description
Company Name	The form must include the name of the company that is waiving the lien. This identifies the party responsible for the work performed on the property.
Governing Law	This form is governed by the laws of the State of Illinois, specifically relating to mechanics' liens.
Consideration	The waiver is executed in exchange for a specified amount of money and other valuable considerations, acknowledging receipt of payment.
Contractor's Affidavit	The form includes a section for the contractor to affirm the accuracy of the information provided, ensuring transparency in the payment process.
Extras Definition	Extras refer to additional work or changes made to the original contract, which can be both oral and written, and must be documented in the waiver.

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Misconceptions

Understanding the Chicago Title Waiver Format form can be challenging, and several misconceptions can lead to confusion. Here are seven common misunderstandings:

It is only for contractors. Many believe that only contractors need to use this form. In reality, anyone providing labor or materials for a property may need to complete it.
It eliminates all lien rights. Some think signing this waiver completely forfeits all lien rights. However, it only waives rights for the specific work and materials listed in the waiver.
It's not legally binding. A misconception exists that this form is not enforceable. In fact, once signed, it is a legally binding document under Illinois law.
It applies to all types of property. Some assume this waiver applies universally. However, it is specifically designed for mechanics' liens in Illinois and may not apply to other types of liens.
Filling it out is optional. Many believe that completing the form is optional. In many cases, it is a requirement to protect against future claims.
Only the final payment requires a waiver. A common misunderstanding is that waivers are only necessary at the end of a project. In reality, they may be required at various stages of payment.
It covers all past and future work. Some think this waiver covers all work done, past and future. It only pertains to the work specified in the waiver and does not extend beyond that.

Being aware of these misconceptions can help ensure that you handle the Chicago Title Waiver Format form correctly and protect your interests in construction projects.

Documents used along the form

The Chicago Title Waiver Format form is commonly used in construction and real estate transactions to release lien rights. However, several other documents are frequently used alongside it to ensure clarity and legal compliance. Below is a list of these essential forms and documents.

Contractor's Affidavit: This document is signed by the contractor and confirms that all payments have been made for labor and materials provided. It lists all parties involved and ensures that no additional claims are outstanding.
Commercial Lease Agreement: This essential form helps outline the rental terms between landlords and tenants for commercial spaces, safeguarding both parties' interests. For additional resources, visit Florida PDF Forms.
Mechanics Lien Waiver: This waiver is used by subcontractors and suppliers to relinquish their right to file a lien against the property. It serves as proof that they have been paid for their services or materials.
Change Order: A change order outlines modifications to the original construction contract. It details any additional work, costs, and adjustments to the project timeline, ensuring that all parties agree to the changes.
Payment Application: This document is submitted by the contractor to request payment for completed work. It details the work performed, the amount due, and any previous payments received.
Notice of Intent to Lien: This notice is sent to the property owner before filing a lien. It informs them of the contractor or supplier's intent to file a lien if payment is not received, serving as a formal warning.
Final Waiver of Lien: This is the last waiver that confirms all payments have been received and releases any remaining lien rights. It is typically signed at the end of the project once all work is completed.
Subcontractor Agreement: This agreement outlines the terms between the general contractor and subcontractors. It specifies the scope of work, payment terms, and responsibilities, ensuring all parties are on the same page.

Using these documents in conjunction with the Chicago Title Waiver Format form helps protect all parties involved in a construction project. They provide clarity and ensure that financial and legal obligations are met, ultimately facilitating a smoother transaction process.