A lien waiver requires a property owner’s name, the owner’s signature, the current date, and a description of the property being constructed or service being rendered. The lien also requires the construction company’s name, current date, and the signature and title of the contractor or subcontractor doing the work. Describe adequately in the document any service or work supplied by an individual or contractor.Know More
According to Rocket Lawyer, a contractor has a right to put a lien on a property when a person does not pay for work the contractor has done. A lien waiver states that a contractor has been paid in full and releases any lien or claim that he has against the property worked on.
There are four types of lien waivers: conditional waivers on progress payment, unconditional waivers on progress payment, conditional waivers on final payment, and unconditional final waivers for final payment. Lien waivers on progress payments state that as long as a contractor has been paid to date, then he releases any right to a lien on the property. A lien waiver on final payment states that a contractor releases a right to a lien on the property only upon receipt of full and final payment.Learn more about Credit & Lending
An auto lien release letter verifies that a vehicle does not have a lien holder or no longer has a lien holder. It is actually a clearance letter. When a financial institution lends money for the purchase of a vehicle, that institution becomes the first lien holder.Full Answer >
The Texas Department of Motor Vehicles notes that to put a lien on a car, an individual needs to go to his local county tax office with the vehicle title and an application for a title in his specific state. There is also a fee. However, the steps to put a lien on a car could vary depending on the state.Full Answer >
Your creditor can place a lien on your home if you are behind in your payments. A lien is a right to possess a piece of property until the person who owes the lienholder settles the debt.Full Answer >
There are two types of conditional lien waivers: a conditional waiver and release upon progress payment and a conditional waiver and release upon final payment, explains Investopedia. The former prevents action on a mechanic's lien provided payments are kept current; the latter prevents action after final payment with certain provisions.Full Answer >