When the contractor requests final payment, a Final Contractor's Affidavit must be submitted to the lender. The Final Contractor's Affidavit lists all money due to potential lienors that have not been paid. The lender will typically require affidavits from each potential lienor assuring that they have been paid before releasing the final draw amount to the contractor.
The Virginia Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that contractors in Virginia can use to request the release of funds from a lender upon the completion of a construction project. This affidavit serves as proof that all work has been satisfactorily completed, all subcontractors and suppliers have been paid, and there are no outstanding liens or claims against the property. Keywords: Virginia, contractor's affidavit, induce lender, release funds, final payment Different types of Virginia Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. Standard Virginia Contractor's Affidavit: This is a general affidavit used by contractors in Virginia to request the release of final payment from a lender. It includes the necessary information about the project, the contractor's statement of completion, and statements affirming the payment of subcontractors and suppliers. 2. Virginia Contractor's Affidavit with Conditional Lien Waivers: This type of affidavit includes conditional lien waivers from all subcontractors and suppliers involved in the project. These waivers state that they have been paid in full for their services and materials and waive their right to file a lien against the property. 3. Virginia Contractor's Affidavit for Partial Release of Funds: This affidavit is used when the contractor needs to request the release of a partial payment from the lender. It outlines the completed work and the amount due for that specific phase of the project. 4. Virginia Contractor's Affidavit with Proof of Insurance: In some cases, lenders may require the contractor to provide proof of insurance coverage before releasing the final payment. This type of affidavit includes documentation of the contractor's insurance policies, ensuring that all necessary insurance requirements are met. 5. Virginia Contractor's Affidavit with Change Order Documentation: If there have been any changes or modifications to the original construction plans that impact the final payment, this affidavit includes documentation of these change orders. It provides a detailed record of the changes made and any associated costs, ensuring transparency and accuracy in the final payment request. Overall, the Virginia Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial document for contractors in Virginia to request the release of funds after completing a construction project. It helps establish accountability, ensures that all parties involved have been paid, and protects the property from any potential future claims or liens.
