Document background
The Release of Lien and Affidavit is a crucial document in Philippine property transactions used when a lien holder wishes to formally relinquish their claim against a property, typically after receiving payment or satisfaction of the underlying obligation. This document type is particularly important in the Philippine legal context as it combines the formal release with a sworn statement, providing additional security and verification for the property owner. The document must be properly executed according to Philippine law, including notarization and registration with appropriate authorities. It's commonly used in construction projects, property sales, and loan satisfactions, where it serves to clear title records and facilitate future property transactions. The Release of Lien and Affidavit must include specific details about the property, the original lien, and the circumstances of its release, making it a comprehensive tool for property rights management.
