District of Columbia Release of Lien for Property

• Category: Liens - Releases and Waivers
• State: Multi-State
• Control #: US-01775-AZ-5
• Format: Word; Rich Text

Description

This form is a release of a lien. The form provides that the lienholder chooses to release a certain parcel of property and the owner from all liability arising from the labor performed and materials furnished by the lienholder under the terms of a contract mentioned in the document. A District of Columbia Release of Lien for Property is a legal document that serves as proof that a lien against a property has been released or satisfied. Liens are typically placed on a property as security for a debt or an obligation. When the debt is paid off or the obligation is fulfilled, a Release of Lien is required to remove the encumbrance on the property's title. There are different types of District of Columbia Release of Lien for Property, including: 1. Mechanics' Lien Release: A mechanics' lien is filed by contractors, subcontractors, or suppliers who have not been paid for work or materials supplied to a property. Once the outstanding debt is settled, a Mechanics' Lien Release is necessary to remove the lien from the property. 2. Mortgage Lien Release: A mortgage lien is filed by a lender when a property is used as collateral for a loan. Once the mortgage has been fully paid off, the lender must issue a Mortgage Lien Release to release their claim on the property. 3. Tax Lien Release: A tax lien is placed on a property when the property owner fails to pay their property taxes. Once the delinquent taxes are paid in full, a Tax Lien Release must be obtained from the relevant tax authority to remove the lien. 4. Judgment Lien Release: A judgment lien is imposed when a court orders the repayment of a debt, typically resulting from a lawsuit. Once the judgment has been satisfied or settled, a Judgment Lien Release is necessary to release the lien from the property. It is important to note that each type of lien requires a specific release to be filed, depending on the nature of the lien. Failure to obtain and record the correct release may result in complications when selling or refinancing the property. In the District of Columbia, the Release of Lien for Property should include essential information such as the names and addresses of both the lien holder and the property owner, a description of the property, details of the lien being released (lien type, date filed, and recording information), a statement confirming the debt has been paid or obligation fulfilled, and the signature of the party releasing the lien. When executing a District of Columbia Release of Lien for Property, it is advisable to consult an attorney or a qualified professional to ensure compliance with all applicable laws and regulations.

A District of Columbia Release of Lien for Property is a legal document that serves as proof that a lien against a property has been released or satisfied. Liens are typically placed on a property as security for a debt or an obligation. When the debt is paid off or the obligation is fulfilled, a Release of Lien is required to remove the encumbrance on the property's title. There are different types of District of Columbia Release of Lien for Property, including: 1. Mechanics' Lien Release: A mechanics' lien is filed by contractors, subcontractors, or suppliers who have not been paid for work or materials supplied to a property. Once the outstanding debt is settled, a Mechanics' Lien Release is necessary to remove the lien from the property. 2. Mortgage Lien Release: A mortgage lien is filed by a lender when a property is used as collateral for a loan. Once the mortgage has been fully paid off, the lender must issue a Mortgage Lien Release to release their claim on the property. 3. Tax Lien Release: A tax lien is placed on a property when the property owner fails to pay their property taxes. Once the delinquent taxes are paid in full, a Tax Lien Release must be obtained from the relevant tax authority to remove the lien. 4. Judgment Lien Release: A judgment lien is imposed when a court orders the repayment of a debt, typically resulting from a lawsuit. Once the judgment has been satisfied or settled, a Judgment Lien Release is necessary to release the lien from the property. It is important to note that each type of lien requires a specific release to be filed, depending on the nature of the lien. Failure to obtain and record the correct release may result in complications when selling or refinancing the property. In the District of Columbia, the Release of Lien for Property should include essential information such as the names and addresses of both the lien holder and the property owner, a description of the property, details of the lien being released (lien type, date filed, and recording information), a statement confirming the debt has been paid or obligation fulfilled, and the signature of the party releasing the lien. When executing a District of Columbia Release of Lien for Property, it is advisable to consult an attorney or a qualified professional to ensure compliance with all applicable laws and regulations.