Glenn Udell is a construction attorney who works in Chicago, Illinois. Glenn has 50 years of experience with 2 licenses to practice in Indiana, Illinois . Glenn attended University of Wisconsin-Madison, graduating in 1986. He currently works at BUPD Law in Illinois. More...
Good morning! Yes, it is routine practice to request a final sworn statement in exchange for the final payment. If this is a construction loan, there should be a title company involved in the payment process. If you are concerned about handing over the statement without a contemporaneous payment of the funds, you can always deposit the original statement with the title company, as an escrowee, with instructions that they cannot turn the original statemeSee More...See More...
I would let them know that you will deposit the waiver of lien in escrow, and when the funds are put into escrow, the escrowee can disburse the funds to you and give them the original waiver of lien. Make sense?See More...