Michigan Release of Lien

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-542
• 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. A Michigan Release of Lien is a legal document that serves to release a claim or interest in a property or asset. It is commonly used in the construction and real estate industry when a contractor, subcontractor, or supplier wishes to waive their right to a lien on a property. When a property owner hires a contractor to perform work on their property, a lien may be placed on the property to secure payment for the services rendered or materials supplied. However, once the contractor or supplier has been paid in full, a Release of Lien is necessary to release their claim on the property. Keywords: Michigan, Release of Lien, property, asset, construction, real estate, contractor, subcontractor, supplier, waive, lien, payment, services, materials, claim. There are different types of Michigan Release of Lien documents, depending on the party involved: 1. Contractor's Release of Lien: This type of Release of Lien is usually issued by the general contractor, who has been paid in full for their services. By signing this document, the contractor acknowledges that they have received full payment and relinquishes any right to place a lien on the property. 2. Subcontractor's Release of Lien: Subcontractors, who work under the general contractor, may also issue their own Release of Lien form once they have been paid in full by the contractor. This document signifies that the subcontractor has released their claim on the property and cannot take further legal action for non-payment. 3. Supplier's Release of Lien: Suppliers who provide materials or equipment for a construction or improvement project may also have the right to file a lien. A Supplier's Release of Lien is used when the supplier has received full payment and agrees to waive their claim on the property. 4. Conditional Release of Lien: This type of Release of Lien is used when a partial payment has been made, usually as a progress payment. It states that the contractor or supplier waives their lien rights up to the amount received but still holds a claim for any unpaid balance. 5. Unconditional Release of Lien: An Unconditional Release of Lien is issued when the contractor, subcontractor, or supplier has been paid in full, without any pending or future payments. This document completely releases their claim on the property, and they cannot file a lien in the future. In summary, a Michigan Release of Lien is a crucial document in the construction and real estate industry to remove any potential claim on a property. Different types of releases exist depending on the party involved and the payment status, including Contractor's Release of Lien, Subcontractor's Release of Lien, Supplier's Release of Lien, Conditional Release of Lien, and Unconditional Release of Lien.

A Michigan Release of Lien is a legal document that serves to release a claim or interest in a property or asset. It is commonly used in the construction and real estate industry when a contractor, subcontractor, or supplier wishes to waive their right to a lien on a property. When a property owner hires a contractor to perform work on their property, a lien may be placed on the property to secure payment for the services rendered or materials supplied. However, once the contractor or supplier has been paid in full, a Release of Lien is necessary to release their claim on the property. Keywords: Michigan, Release of Lien, property, asset, construction, real estate, contractor, subcontractor, supplier, waive, lien, payment, services, materials, claim. There are different types of Michigan Release of Lien documents, depending on the party involved: 1. Contractor's Release of Lien: This type of Release of Lien is usually issued by the general contractor, who has been paid in full for their services. By signing this document, the contractor acknowledges that they have received full payment and relinquishes any right to place a lien on the property. 2. Subcontractor's Release of Lien: Subcontractors, who work under the general contractor, may also issue their own Release of Lien form once they have been paid in full by the contractor. This document signifies that the subcontractor has released their claim on the property and cannot take further legal action for non-payment. 3. Supplier's Release of Lien: Suppliers who provide materials or equipment for a construction or improvement project may also have the right to file a lien. A Supplier's Release of Lien is used when the supplier has received full payment and agrees to waive their claim on the property. 4. Conditional Release of Lien: This type of Release of Lien is used when a partial payment has been made, usually as a progress payment. It states that the contractor or supplier waives their lien rights up to the amount received but still holds a claim for any unpaid balance. 5. Unconditional Release of Lien: An Unconditional Release of Lien is issued when the contractor, subcontractor, or supplier has been paid in full, without any pending or future payments. This document completely releases their claim on the property, and they cannot file a lien in the future. In summary, a Michigan Release of Lien is a crucial document in the construction and real estate industry to remove any potential claim on a property. Different types of releases exist depending on the party involved and the payment status, including Contractor's Release of Lien, Subcontractor's Release of Lien, Supplier's Release of Lien, Conditional Release of Lien, and Unconditional Release of Lien.