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.Continue Reading
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
People can place a lien on debtor's property by filing a lawsuit in court to prove the money is owed to them. Judgment is awarded and filed accordingly, which is attached to the house as a lien.Full Answer >
A mechanic's lien is a security on property held by someone who has invested material or labor on the property until he is paid for the work that was done. The lien holder can have possession of the property, such as a car, until he is paid.Full Answer >
Recovering money owed can involve making a reminder phone call to the debtor or obtaining a court judgment against the debtor; this judgment grants permission to place a lien against property or garnish wages. Other ways to recover money include engaging the services of a collection agency, using a mediator, offering a settlement agreement and sending a registered letter to remind the debtor of the money owed, according to ProfitGuide.com.Full Answer >
A property lien can be released by paying off the debt if it's a valid one, securing a signed lien release form and filing the form at the county recorder's office, notes Bridget Kelly for SFGate. An attorney should be consulted if the property owner feels the debt isn't justified.Full Answer >