West Virginia Release of Statutory Lien
Description
How to fill out West Virginia Release Of Statutory Lien?
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FAQ
In a lien theory state, the buyer holds the deed to the property during the mortgage term The buyer promises to make all payments to the lender and the mortgage becomes a lien on the property, but title remains with the buyer.The Deed of Reconveyance removes the lender's interest in the property.
The simplest way to prevent liens and ensure that subcontractors and suppliers are paid is to pay with joint checks. This is when both parties endorse the check. Compare the contractor's materials or labor bill to the schedule of payments in your contract and the Preliminary Notices.
Satisfy the terms of the loan by paying the balance of the loan back to the lender, including any interest incurred. If you don't receive the lien release, submit a request to your lender for proof that the loan has been satisfied.
The main purpose of a lien waiver is to provide protection to the paying party. In exchange for such payment, the lien waiver waives the payee's right to file a lien for the exact value of the payment they have received.
A lien release is used to cancel a lien that has already been filed. Lien releases are also referred to as a release of lien, cancellation of lien, or a lien cancellation. These are typically used to cancel the filed claim from public records.
How long does a judgment lien last in West Virginia? A judgment lien in West Virginia will remain attached to the debtor's property (even if the property changes hands) for ten years.
It basically states that you've paid the subcontractor what is owed, they accept the payment in full, and they waive the right to put a lien on your property. Simply present this form to the subcontractor with your payment and ask them to sign it. Make sure you get their signature!
