Get the free Release of Lien on Real Property by Posting Surety Bond - Corporation

This document serves as a bond for releasing specified real property from a claim of mechanic's lien, ensuring payment to the claimant under prescribed conditions.

How to fill out release of lien on

How to fill out Release of Lien on Real Property by Posting Surety Bond - Corporation

1. Obtain the necessary forms for the Release of Lien on Real Property.
2. Ensure that the corporation has a valid surety bond in place that meets legal requirements.
3. Complete the release form by filling in the corporation's details, including name and address.
4. Include specific details about the lien, such as the date it was placed and its amount.
5. Attach a copy of the surety bond to the completed release form.
6. Sign the release form in the presence of a notary public to validate it.
7. File the completed release form with the appropriate local government office, typically the county recorder's office.
8. Pay any required filing fees at the time of submission.

Who needs Release of Lien on Real Property by Posting Surety Bond - Corporation?

1. Corporations that have had a lien placed against their property and wish to remove it through the posting of a surety bond.
2. Individuals or entities requiring proof that a lien has been lifted due to the corporation’s posting of bond.

Idaho law contains several lengthy provisions regarding the process by which a party may commence a legal action to have a lien released by posting a surety bond. Filing an action under most of these statutes requires the services of an attorney. However, Idaho statutes also provide a standard form which may be filed to show that a party with an interest in the property has obtained a surety bond. Idaho Code §45-519.

People Also Ask about

What exactly does a surety bond do?

A surety bond is a legally binding contract. It is used as an assurance that the issuer will pay any debts if the other party fails to do so.

Who benefits from a surety bond?

The principal purchases the surety bond to guarantee quality and completion of contracted work. The obligee is the entity who requires the principal to purchase the bond. The surety is the entity that issues the bond and financially guarantees the principal's ability to complete the contracted work.

What does release of a surety bond mean?

A Release of Lien Surety Bond is a form of financial security which can be used to remove a lien from a property. The release of lien surety bond actually replaces the property as the source of security for the lien so that the property may be sold.

What does it mean when you have a surety bond?

A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

What does "bond off a lien" mean?

Bonding off a lien allows property owners to regain control of their property and proceed with construction activities or real estate transactions without the threat of foreclosure or the lien clouding the title.

Is a surety bond a good idea?

Greater Financial Protection Surety bonds offer three avenues to financial protection: A performance bond can protect the Obligee against non-performance of the Principal, including contractually specified liquidated damages assessed due to an unexcused project delay caused by the Principal.

What does a release of a lien mean?

A lien is a claim on property to ensure payment of a debt. When you borrow money to purchase a car, the lender files a lien on the vehicle with the state to insure that if the loan defaults, the lender can take the car. When the debt is fully repaid, a release of the lien is provided by the lender.

What does it mean to bond the lien?

Sometimes, a party with an interest in the property, typically an owner or general contractor, will “bond off” the lien to clear the property by transferring the lien to either a surety bond or cash bond. The lienor now looks to the bond to be paid, not the property.

Do you get money back from a surety bond?

Bail Bonds and Refunds This means you won't get your money back, even if the defendant attends all court appearances. Surety Bonds involve a third party (the bondsman) who guarantees the defendant's appearance in court. The premium paid for this service is the cost of using a bail bondsman and is not returned.

For pdfFiller’s FAQs

What is Release of Lien on Real Property by Posting Surety Bond - Corporation?

Release of Lien on Real Property by Posting Surety Bond - Corporation is a legal process where a corporation can clear a lien on a property by posting a surety bond, which acts as a financial guarantee to ensure that any claims associated with the lien are addressed.

Who is required to file Release of Lien on Real Property by Posting Surety Bond - Corporation?

Typically, the party who has a lien placed against their property is required to file for a Release of Lien on Real Property by Posting Surety Bond - Corporation, often to secure the release of the property from the lien.

How to fill out Release of Lien on Real Property by Posting Surety Bond - Corporation?

To fill out the Release of Lien on Real Property by Posting Surety Bond - Corporation, you will need to provide information such as the details of the lien, the property description, the bond amount, and the corporation details. Follow the instructions on the form to ensure accuracy.

What is the purpose of Release of Lien on Real Property by Posting Surety Bond - Corporation?

The purpose of the Release of Lien on Real Property by Posting Surety Bond - Corporation is to provide a mechanism for the lien to be released, allowing the property to be sold or encumbered further while ensuring financial protection for the lien claimant.

What information must be reported on Release of Lien on Real Property by Posting Surety Bond - Corporation?

The information that must be reported includes the property description, details of the lien, the surety bond amount, the name of the corporation, and any relevant dates associated with the lien and bond.