A waiver of lien (or lien waiver) is a document signed in exchange for payment. This document works as a “receipt” of payment, assuring claimant (contractor, subcontractor, or supplier) has received a specified payment upon delivering materials or completing service. By signing, the claiman...
A lessor owns an asset and grants its use to another under a lease; a lienholder has a legal claim on an asset until a debt is paid.
Understanding a lien on a car means exploring the complex world of vehicle ownership. A lien is a legal claim a creditor has on a vehicle. It’s used as security for a debt. When you finance a car, the lender gets a legal right to it until you pay off the loan. About 20-30% of...
First, it could be a document that a contractor signs and submits along with an application for payment. A construction lien release in this sense is also known as a lien waiver. Essentially the contractor is telling the person that is paying that upon receipt of payment the contractor waives...
What is a lien release? A lien release removes the lien claim once the loan is paid off in full. When you pay off your loan and fulfill all other aspects of your agreement, your lender will “release” the lien and sign over the title to you. Once this is complete, the car is you...
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Car sellers and buyers have different roles when it comes to lien release. Learn more about a lien release and how it affects the car buying process.
“Unconditional”. A Conditional Lien Waiver & Release is conditioned upon receipt of payment, meaning it does not become effective until the money has been received. Consequently, a party can, and should, freely execute and provide a Conditional Lien Waiver & Release to a requesting party ...
as promised, however, such as if the check is dishonored, the contractor is allowed to revive the lien against the property. The lien will then continue to give that contractor a security interest in the property. Therefore, the conditional lien release protects both the contractor and the ...
A lien is removed by filing a Release of Lien on Real Property form and recording the document at the country recorder's office. What Is an Affidavit of Title? An affidavit of title is a legal document outlining the ownership and potential legal issues involving a specific property. A ...