WHAT IS A LIEN WAIVER AND WHY IS IT IMPORTANT???
A Lien Waiver is needed when a portion of work is successfully completed. It is signed and dated by the sub-contractor or material supplier agreeing and signing off that the contract obligations have been met and all necessary payments have been paid. This way a sub-contractor or material supplier cannot place a lien on the property and/or try to collect again. Once the Lien Waiver has been signed and dated, the sub-contractor or supplier will return it to the contractor and they then have to turn them over to the Title Company. (There are many building contractors in the area. Not all contractors may have this same process. This is how CKI does it)