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The Chicago Title Waiver Format form serves as a crucial document in the construction and real estate industries, particularly in Illinois. It facilitates the waiver of lien rights by contractors and subcontractors, ensuring that property owners can proceed with their projects without the looming threat of mechanics' liens. This form outlines the specifics of the agreement, including the parties involved, the property in question, and the financial considerations exchanged. By signing this document, the undersigned acknowledges receipt of payment for labor and materials provided up to a certain date, thereby relinquishing any claims to lien rights on the property. The form also includes a contractor's affidavit, which provides additional assurances regarding the legitimacy of the waivers and details about any outstanding payments to subcontractors or suppliers. Importantly, it emphasizes that all parties involved in the project are accounted for, ensuring transparency and protecting the interests of all stakeholders. The inclusion of 'extras'—which may encompass change orders and additional work—further clarifies the scope of the contract and the financial obligations tied to it. Overall, the Chicago Title Waiver Format form is designed to streamline the process of lien waivers while safeguarding the rights of property owners and contractors alike.

Chicago Title Waiver Format Preview

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

Common mistakes

  1. Incorrect Company Name: Failing to accurately fill in the company name can lead to confusion and invalidation of the waiver.

  2. Missing Date: Omitting the date can create issues regarding the timing of the waiver and its enforceability.

  3. Incomplete Owner Information: Not providing the full name of the property owner may result in legal complications.

  4. Omitting Payment Amount: Leaving out the dollar amount of consideration can render the waiver incomplete.

  5. Failure to Sign: Not signing the document is a common mistake that nullifies the waiver.

  6. Incorrect Address: Providing an inaccurate address for the property can lead to disputes about the location covered by the waiver.

  7. Missing Contractor Affidavit: Neglecting to include the contractor affidavit can weaken the validity of the waiver.

  8. Not Listing All Parties: Failing to list all parties involved in the project can create liability issues later on.

  9. Ignoring Extras: Not including extras or change orders can lead to disputes over unpaid amounts.

  10. Notarization Issues: Forgetting to have the document notarized can invalidate the waiver, especially in legal contexts.

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Dos and Don'ts

When filling out the Chicago Title Waiver Format form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here are five things you should and shouldn't do:

  • Do read the entire form carefully before starting to fill it out.
  • Don't leave any required fields blank; ensure all necessary information is provided.
  • Do double-check the amounts entered for accuracy, especially the contract price and payment amounts.
  • Don't use abbreviations or shorthand; write clearly and in full sentences where applicable.
  • Do ensure that all signatures are obtained and dated appropriately to validate the document.

Misconceptions

Misconceptions about legal forms can lead to confusion and potential issues in real estate transactions. The Chicago Title Waiver Format form is no exception. Here are four common misconceptions:

  • 1. The waiver eliminates all claims against the property. Many believe that signing the waiver completely removes any rights to claim against the property in the future. In reality, the waiver only pertains to the specific work and materials listed in the document. If additional work is performed later, a new waiver may be necessary.
  • 2. All subcontractors are automatically covered. Some assume that once the primary contractor signs the waiver, all subcontractors are also protected. However, the waiver must explicitly include all subcontractors and their work. Without this, subcontractors may still retain their lien rights.
  • 3. The waiver is only for contractors. There's a common belief that only contractors can utilize this waiver. In fact, anyone providing labor or materials for a project can benefit from the waiver, provided they meet the necessary criteria and are included in the document.
  • 4. Signing the waiver means giving up all rights. Many think that signing the waiver means they forfeit all rights to any claims. This is misleading. While the waiver releases claims related to the specific work covered, it does not eliminate all legal rights. For example, if the work was not completed as agreed, other legal avenues may still be available.

Understanding these misconceptions is crucial for anyone involved in real estate transactions. Properly navigating the waiver process can protect your interests and ensure smoother dealings.

Detailed Guide for Using Chicago Title Waiver Format

Once you have gathered all necessary information, it’s time to fill out the Chicago Title Waiver Format form. This document is crucial for ensuring that all parties are clear on the waiver of lien rights in accordance with Illinois law. Follow these steps carefully to complete the form accurately.

  1. Company Name: Write the name of your company at the top of the form.
  2. Date: Fill in the date on which you are completing the form.
  3. State and County: Indicate the state (Illinois) and the specific county where the property is located.
  4. Escrow Number: Enter the escrow number associated with the transaction.
  5. To Whom It May Concern: State the recipient's name or title to whom this waiver is addressed.
  6. Owner of the Premises: Identify the owner of the property where work was performed.
  7. Consideration Amount: Write the dollar amount you are waiving the lien for.
  8. Description of Work: Provide a brief description of the work or materials provided for the premises.
  9. Date: Again, fill in the date when the work was completed or the waiver is being executed.
  10. Address: Include the address of your company or the location where the work was performed.
  11. Signature and Title: Sign the form and print your title below your signature.
  12. Contractor’s Affidavit: Fill out the contractor's affidavit section with your name, position, and company name.
  13. Location of Work: Specify the address of the building where work was completed.
  14. Total Contract Amount: State the total amount of the contract, including extras.
  15. Payment Received: Indicate the amount you have received prior to this payment.
  16. Names and Addresses: List all parties who have provided labor or materials, along with the amounts due.
  17. Date: Write the date of the affidavit.
  18. Signature: Sign the affidavit, confirming the information is accurate.
  19. Notary Public: Ensure that a notary public signs and dates the document to validate it.

After completing the form, review all entries for accuracy. Ensure that all signatures are in place and that the notary has properly executed their portion. This attention to detail will help prevent any issues down the line.