Ah, the contractor lien waiver… Unassuming… Underrated… Undeniably essential…
So recently I was chatting with my bud Brian about one of his deals…
…and he was sharing with me about his own personal policy with contractors and the contractor lien waiver.
Brian’s deal is, once the work is done, his contractors don’t get their check until they first hand him a signed contractor lien waiver, which protects him (should things go cross-ways in the future) from them slapping an unwarranted mechanic’s lien on his property.
Admittedly I’m embarrassed to say it, but I have never done this. I admit it, I’ve been too lazy.
Brian reminded me that, in the same way someone doesn’t necessarily need a viable case against you to bring all hell upon you with a frivolous lawsuit, likewise an unscrupulous contractor could easily bring you a world of hurt with an unwarranted mechanics lien.
Truth be told, I didn’t even have a contractor lien waiver in my forms folder. I also had a few personal questions about how Brian deploys use of the contractor lien waiver in different situations, so I asked him if he’d kindly hop on video chat with me and let me record a quick Q&A with him about it – plus walk me (us) through exactly how he fills it out.
Happily he obliged, so here we go…
Contractor Lien Waiver – How to Fill Out and Use
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Contractor Lien Waiver – Free Form Download
Bottom line, a contractor lien waiver should be standard issue for every real estate investor’s forms folder, and your standard operating procedure whenever dealing with contractors. Use it.
Oh and By the Way…
I’d be remiss in now sharing that Brian offers a killer deal on transactional (one-day) deal funding also. In all 50 states. I wholeheartedly recommend him and regularly send folks his way. You can find him at www.CashForMyClosing.com