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What is the difference between a lien and a lien release?
A lien waiver prevents future lien claims on a paid amount, while a lien release removes an existing lien once payment is received. Proper documentation and awareness of state laws can help ensure all parties navigate these processes effectively and avoid unnecessary disputes.
What is the point of a lien waiver?
Primary Lien Waivers: These are the ones you fill out and submit to the GC, waiving your right to file a lien for the work you performed. Lower-Tier Lien Waivers: These come from vendors, sub-tier contractors, and materials suppliers, waiving their right to file a lien for the work theyve performed.
What is a sub-tier lien waiver?
Primary lien waivers are the ones you complete and submit to the GC, waiving your right to file a lien for the work you performed. Lower-tier waivers are completed by your vendors, sub-tier contractors, and materials suppliers. They waive the other parties rights to file a lien for the work they performed.
What is a sub-tier?
Payment Protection: Lien waivers protect property owners by providing assurance that contractors, subcontractors, and suppliers have been paid or will be paid for their services or materials. This reduces the risk of potential liens against the property.
What am I supposed to do with a lien release?
When your loan is paid off, your lender will send the lien release to the DMV. Once the DMV is notified, it will automatically mail you the title to your car with nothing required on your part. The DMV or other state office will then send the updated title to you, and you may not have to submit much, if any, paperwork.
Related Searches
Georgia Interim lien waiver formo.c.g.a. § 44-14-366Georgia Final lien Waiver form 2024
You are not required to submit your lien release to the Department of Motor Vehicles. You can attach the release to your original title and provide both documents to a purchaser or dealership if you sell or trade in the vehicle.
What are different types of lien waivers?
There are four main types of lien waivers: conditional lien waivers on progress payment, unconditional lien waivers on progress payment, conditional lien waivers on final payment and unconditional lien waivers on final payment.
Related links
Part 52 - Solicitation Provisions and Contract Clauses
(2) A copy of each subcontractor disclosure form (but not certifications) shall be forwarded from tier to tier until received by the prime Contractor.
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