Magoffin County Final Conditional Lien Waiver Forms (Kentucky)

Form Package

Final Conditional Lien Waiver

State

Kentucky

Area

Magoffin County

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$27.97

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Included Forms

All Magoffin County specific forms and documents listed below are included in your immediate download package:

Included Supplemental Documents

The following Kentucky and Magoffin County supplemental forms are included as a courtesy with your order.

Frequently Asked Questions:

Areas Covered by These Final Conditional Lien Waiver Forms:

• Magoffin County

Including:

• Falcon
• Gunlock
• Royalton
• Salyersville

What is the Kentucky Final Conditional Lien Waiver

Mechanic's liens are governed under Chapter 376 of Kentucky Revised Statutes (K.R.S.). Although Kentucky law doesn't provide a required format for a waiver, claimants can use various types of lien waivers in order to simplify payments between contractors, subcontractors, customers, and property owners. A waiver is a knowing relinquishment of a right. In this case, the person granting the waiver is relinquishing the right to seek a mechanic's lien for all or part of the amount due. This assurance is usually enough to get the other party to pay.

Lien waivers are generally either based on a partial/progress payment or a final payment, and may be conditional or unconditional. Partial waivers release a portion of the lien rights, determined by the amount paid. Final waivers release all lien rights because the balance is paid in full. Conditional waivers give more protection to the claimant, and are dependent on any payments clearing the bank. Unconditional waivers give the advantage to the party responsible for paying, and take effect immediately upon recording, regardless of whether or not the bank covers the check.

Regardless of their nature, waivers must identify the parties, a description of the location and type of goods and/or services provided, significant dates, fees, and payments. Record the completed waiver in the office responsible for maintaining the land records for the county where the subject property is located.

Use the final waiver when the customer makes the final payment, meaning nothing is left due and owing after this payment. This waiver is conditioned upon the payment actually clearing and the waiver will not be effective until this happens.

This article is provided for information purposes only and should not be relied upon as a substitute for the advice from a legal professional. Please speak with an attorney with questions about using a lien waiver, or for any other issues related to liens in Kentucky.

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The documents you receive here will meet, or exceed, the Magoffin County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

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