Is a COPY of a final waiver of lien just as enforceable as the original document?
IllinoisThe copy is stamped as such. My client requires an unconditional final waiver of lien, to be handed to the Title Company. It can take a week or two before the latter releases the final payment. The owner of my company is reluctant to sign such a document, before receiving the final payment. Our client suggested that we provide a "copy" of the signed waivers, then exchange originals with final payment. Is the "copy" not enforceable?
2 replies
Traditionally in Illinois, Courts have held that a Waiver of Lien that recites consideration is not enforceable until the consideration is received. That said, obviously the safer policy is to only tender waivers marked "Copy," then exchange the originals when paid.
I hope this information was helpful. Best of luck!