Glossary of Terms


Abstract of Title
A condensed history of real estate ownership, whether land or developed, that includes transfers of ownership, claims against the property (like liens or mortgages), satisfactionsof claims, and other pertinent information such as easements, etc.

Bond
A bond is a three party instrument in which one party guarantees the successful performance of its principle to another party.

Deed
A deed is a document that transfers legal ownership of real estate, whether land or developed, from one party or parties to another.

Lien
A lien is an encumbrance or claim on real estate as security for an obligation and is a legal means to secure payment of said obligation. This can be filed for money borrowed against the real estate or for money owed for labor performed or materials supplied on or for the real estate.

Lien Waiver
This is not a receipt but document supplied by the contractor, subcontractor, or material supplier to the real estate owner or other interest party indicating they have been paid for their work and are waiving their rights to file a lien.

Mechanic’s Lien
As it pertains to real estate, a mechanic’s lien is a document filed with the county in which the real estate is located staking a legal claim on said real estate for the amount owed to the labor or material provider for as yet unpaid work or material. Mechanic’s Liens must be filed within the amount of time allowed by law and to be valid proper prelien notice must have been served to all parties within interest also in the amount of timeallowed by law.

Notice of Completion
This is a written of project completion usually to the property owner and occasionally to any other parties with interest.

Notice of Intent
This is a written notice notifying the property of your intention to place a mechanic’s lien to secure payment.

PID #
(Property Identification Number)

PIN #
Parcel Number This is the identification number on file in county records of the county where the property is located.

Pre-Lien Notice
This is a notice required by state statute requiring specific language and formatting, and that must be served within a specific timeframe. The purpose of which is to provide property owners early notice of your right to lien and of existing lien law.

Satisfaction
This is a legal document satisfying or removing the encumbrance from real property. It is typically filed with the county when a balance owed, whether that balance is from a debt from borrowed funds or mechanic’s lien, is paid in full.