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A lien release (also called release of lien) is a document that is filed with government authorities as the official notice that the lien is removed. Once payment has been received, a lien holder has a duty to remove any lien that was filed against the property.
Possessing an understanding of liens, the differences between a mechanic's lien waiver and a lien release, and when to use them will significantly decrease your chances of getting involved in an expensive legal entanglement.
To release a lien, the lien holder must complete a lien release form and file it with the appropriate authorities. Once the form is processed, the lien is removed from the property, and the property owner regains full ownership rights.
A lien release releases the homeowner from any obligation to pay their contractor because they have already fulfilled their payment. It will also remove the lien from the public record and from the title of the home.
A Lien Release (also considered a Lien Cancellation or Release of Lien) is a legally binding document that is sent by the current lien holder, the individual who has leased the property or provided payment to secure the property, that informs any debt in relation to that property has been fulfilled and they relinquish the property in question to...
If you’re a contractor, service provider, or supplier who has filed a lien, it’s important to create and file a Lien Release once you’ve been paid. Some states have lien release laws requiring you to release a lien once the claim has been satisfied.
Contractors are often contractually required to submit lien or payment bond waiver and release documents (“Waivers”) as a condition for payment. Many states have laws establishing a contractor’s right to assert a mechanic’s lien or payment bond claim after performing work on a project.
A lien release, in its most simple form, is a document that asks the property records office to remove a previously filed mechanics lien. Some states call it a lien discharge, because the filing indicates the discharge of a debt. Why A Lien Release Should be Filed.
A final lien waiver is a legal document that serves as a formal release of a contractor’s or subcontractor’s rights to file a lien against a property owner or project after they’ve received full payment for their work.
A final release of lien refers to a legal document that is executed by a lien holder and is issued to release the claim of a lien on a property or asset. This document is typically issued upon the full satisfaction and payment of the debt or obligation that the lien was initially placed against.