Document background
The Final Affidavit And Release of Lien is a crucial document in Indian property and construction law, typically used upon completion of construction projects or satisfaction of property-related debts. This document becomes necessary when a contractor, subcontractor, or supplier has previously filed a lien against a property to secure payment for services or materials, and that payment has now been satisfied. The document serves dual purposes: as an affidavit, it provides sworn testimony regarding the receipt of payment, and as a lien release, it formally removes the lien holder's claim against the property. The document must comply with various Indian legislations, including the Transfer of Property Act, Registration Act, and Indian Stamp Act, and requires proper execution before a notary public. It provides crucial protection for property owners by clearing title encumbrances and for lien holders by documenting payment receipt.
