Standard lien waiver forms are documents provided by the American Land Title Association, or ALTA, that are used for documenting and discharging liens, states HOA Leader. Apart from ALTA, these forms are available at most title insurance companies.Continue Reading
Standard lien waiver forms are used to discharge liens that may be created during the course of a project, states HOA Leader. These liens are typically generated against real property by contractors and other vendors providing goods and services in a project. In case of nonpayment, such liens, also known as mechanic's liens, can help contractors and associated vendors recover their money.
Common ways of discharging liens include conditional and unconditional lien waivers, states Zlien. Conditional waivers predicate lien discharge on defined actions such as receiving a payment. There are two categories of conditional waivers. The first, conditional waivers for partial payments, are used to incrementally discharge liens as progress payments are made. In contrast, conditional waivers for final payments are used for closing payments.
Unlike conditional waivers, unconditional waivers imply that payments have already been received, explains Zlien. For this reason, they should be used with care. Similar to conditional waivers, there are two types of unconditional waivers: those given for partial payments and waivers given for final payments.Learn more about Diagnostics & Imaging