A partial release of lien form is a document which should be prepared by the parties of a property lien to record that the lien amount had been reduced due to the fulfillment of the agreed partial payment. Since only a partial payment had been provided by the borrower, the lien will still be executed until the full payment is given to the debtor.
Types of Partial Release of Lien Forms
Conditional Partial Release of Lien Form – The objective of this form type is to document the agreement of the debtor and the borrower in lieu of the conditions accompanying the partial release of the lien. The county name where the release is conducted will be the first data to be stated in the form. This is then followed by two paragraphs which are for indicating the sum paid by the borrower, the date when the payment was given, the description of the lien property, and the date when the release form was delivered or served. In addition, a notary public should also sign the form and affix his notary seal to legally certify and acknowledge the oath that the involved parties took in his presence.
Conditional Partial Release of Lien Form
Partial Release and Lien Waiver Form – This type of form is a combination of a release form and a waiver form. Four sections comprise the form wherein the first section collects the details of the construction project where the labor of the involved parties are to be used as well as the name of the owner and the general contractor of the project. The second section of the form, on the other hand, records the basic details of the signed construction contract such as its date, price, net extras and deductions, contract price, and the balance due to be paid during the period of the contract.
Partial Release and Lien Waiver Form
The third section of the form indicates statements regarding the considerations and the agreed covenants of the involved parties. And lastly, the fourth section is intended for the signatures of the contractor and the notarization of the notary public who have reviewed the partial release and lien waiver form.
Partial Release of Lien Affidavit Form – This is another type of partial lien release form which is suitable to be used by construction project contractors and subcontractors. However, as compared to the aforementioned partial release and lien waiver form, this document only contains two sections. The information to be documented in this form type would be the name of the contractor, the title of the project, the date when the equipment will be supplied for the project, the signature of the contractor, and the acknowledgment of the notary public.
Partial Release of Lien Affidavit Form
Receipt and Partial Release of Lien Form – This form not only documents the partial lien release but also the details of the payments. Specifically, this type of document can serve as a receipt form to the involved parties as it acknowledges or states the payments which had been given by the borrower. The form will also indicate the amount due, the date when the payments were granted, and the signatures of the involved parties.
Receipt and Partial Release of Lien Form
Essential Data and Information to be Stated in a Partial Release of Lien Form
Below are the data and information which should be stated and defined in any type of partial release of lien form:
- Details of the lien: The details should include the date when the original lien was executed and recorded in the State along with the names of the property owners and other parties who have signed the lien agreement.
- Description of the property: In this section of the form, the property’s description may not only be limited to the address or location of the property but also its dimensions. Moreover, the inclusions of the lien can also be stated as well as the property’s estimated market value and price.
- Specifications of the payments: This is where the details of the granted and required payments will be disclosed including the balance of the paying party.
- Notary certificate of acknowledgment: The purpose of a notary certificate of acknowledgment is to document that the notary public has known and identified the parties of the lien, as well as reviewed the partial release and the original lien documents. In addition, the notary will have to affix not only his signature but also his notarial seal which will authenticate his signature.
- Signature block: Aside from the notary public, the claimant of the lien or the receiver of the payment should also sign the form along with a name and date. On the other hand, if the party who files or is serving the claim is only a representative of the claimant, then he must indicate his relationship with the claimant in the form as to whether he is a partner, an attorney-in-fact, or a conservator.
Partial Release of Lien and Claim Form
Partial Release of Lien Form FAQs
Who may serve a partial release of lien form?
Any individual who is a claimant of lien can serve the release form for as long as he had received a partial payment from the other party.
Partial Release of Lien Application Form
When should a partial release of lien form be used?
Although there is no requirement in lieu of the specific number of days as to when to provide the release form, it is best that the payee or the claimant will create the release immediately or after three days when the payment was received. In addition, the release should be served and be recorded in the same State and county as the original lien.
Partial Release of Mechanics’ Lien Form
Partial Release of Lien Tips
Regardless of the variety or type of partial release of lien form which is being used, the filled out and signed form should be duplicated and be distributed to all the parties of the lien. This is to allow the lienholders, contractors, and borrowers to have a documented record of the agreement as well as a receipt for the partially fulfilled financial responsibility. Furthermore, the form should also be kept along with other documents or legal forms related to the lien.
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