Music in this episode of Permit Pro Tips, we're going to discuss the release of a lien in the construction industry. A release of lien is a written statement that removes your property from the threat of a lien when your construction project is coming to its completion. Your contractor will request final payment. You should first request, from the contractor via certified or registered mail, a list of all subcontractors and suppliers who provided labor or services or materials to your property. Make sure that your contractor provides you with an affidavit with final releases from these parties before you make the final payment. If subcontractors or material suppliers were not paid by the contractor, they may look to your property for payment, even if you have paid your contractor in full. This means that if a lien is filed against your property, your property could be sold against your will to pay for materials, labor, or other services that your contractor may have failed to pay. Always require a release of lien from anyone who does work on your property. Thank you for watching. Please subscribe and share for more Permit Pro Tips.
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Subcontractor Lien Waiver colorado Form: What You Should Know
The undersigned, hereby acknowledges the right of the contractor to recover the for his or her own benefit, but hereby releases and discharges all liens against the undersigned, (the undersigned) from the same. What is a contractor's lien waiver, and where can I get an unconditional waiver form? Colorado Construction Contractor Lien Waiver and Release of Lien (PDF) Contractor Waiver (PDF) You must go to the subcontractor's website (the subcontractor must create a section for it) and find what information they have. You will need the amount due by the due date. The date of payment is the last day that works will be accepted. Once you get the amount, simply take a copy and e-mail it to the contractor. What if a contractor or the subcontractor wants a lien waiver, and it is contingent upon payment to them? Contractors who must have a lien waiver and release of lien to get contracts will also most likely have a separate state level waiver and release of lien. If your state does not have a lien waiver for such a situation, you can simply submit the form online for your state and state's law, but it is important to note that if you don't have a state-level waiver and release of lien already in place, you most likely do. What if I'm being charged on-time for work, and it still needs to be paid? If a subcontractor fails to pay you on time, you can sue them for breach of payment contract. The attorney will handle the lawsuit and may recover their costs if you win. If you have a case against subcontractors, we recommend that you not be overly worried about payment if you've been paid on time and/or the work is being completed.
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