Conditional And Unconditional Waiver And Release Forms

By:


Construction lien waiver and release forms

As most contractors are aware, a person who supplies labor or materials for the repair, alteration, or erection of a structure is permitted to file a lien on the improved property. Homeowners, however, may not be familiar with construction lien law, construction lien waiver and release forms, and how liens may affect them.

What liens do

A lien may be on the structure itself or the owner's interest in the land on which the structure is located. Such construction or mechanic's liens ensure that if labor or materials are unpaid, a foreclosure action may be taken and the home may be sold. Sometimes liens occur when the prime contractor has not paid subcontractors or suppliers. Even if the homeowner has already paid the prime contractor, he or she is still responsible for payment to subcontractors or suppliers.

Important timelines

According to the South Carolina Dept. of Labor, Licensing and Regulation Contractor's Licensing Board, contractors must file the mechanic's lien within 90 days of the completion of the work. The lien must be foreclosed by contractors either six months from the last day labor or materials were provided or six months from the date the lien was filed, whichever is earlier.

Lien troubles

In addition to foreclosure on a home, a lien can result in other troubles, such as double payment for the same job (if subcontractors were unpaid by the primary contractor) and a cloud on the title of the property, which can affect the homeowner's ability to borrow against, refinance, or sell the property.

Avoiding trouble

Most property owners want to avoid hassle with construction laws, so they make their payments on time. Conditional waiver and release forms may be submitted by the contractor as these payments progress. Upon completion of all payments, an unconditional waiver and release form may be signed by both parties, removing the lien on the property.

About the Author:
Contact the Charleston construction accident lawyers at Thurmond, Kirchner, Timbes and Yelverton, PA offers skill and resources to assist with any construction project issues. We also specialize in criminal defense, personal injury, and auto accident cases at our criminal defense law firm.



Article Originally Published On: http://www.articlesnatch.com


Tags: , ,

|

Loading...
Related....
Videos...

Recent Legal Articles

Comments

Still can't find what you are looking for? Search for it!

Loading

Site Navigation:

Copyright 2005-2011 ArticleSnatch, LLC - All Rights Reserved.
Privacy Policy | Terms of Service.