Perfekt's Glossary

Abstract: A system by which land is recorded and ownership is transferred by historical tracking of all transactions, owners and encumbrances. All of these historical documents are compiled into an abstract document, and become proof of ownership.

Amended Lien: If a lien is filed and more work is preformed or a dollar amount changes, these changes are accomplished through this instrument.

Bond: See Contract Surtey Bond.

Cancellation Fee: This fee is charged when Perfekt has preformed all of its contractual duties short of filing the document.

Commercial Property: This definition depends on the state. General rule of thumb is, if the property is non-residential in nature or is a multi-residential structure (i.e an apartment building).

Construction Lien: An instrument by which a general contractor, subcontactor or material supplier, who has provided an improvement to a property, can cloud the title on said real property so as to hold their stake, a.k.a credit, in the property.

Contract Surety Bond: A three-party agreement where the surety company assures the project owner that the principal contractor will perform the work and pay certain subcontractors, laborers and material suppliers. 

Contractor: Any person that has entered into a contract to improve real property.

County Filing: All lien documents are filed with the county in which the real property resides. Depending on the state, this filing can occur with several different departments within the county.

County Research: The service Perfekt provides where we find the current owner and legal description on the real property. This is done by searching the county records.

Customer Portal: This is the entry to the online system where Perfekt’s clients login to request service, track projects and update information.

Expedited Processing: If there is a situation where a client needs a document processed "yesterday", Perfekt will do its best to accommodate.

Extended Research: In rare instances, the county research is beyond the capabilities of Perfekt and we may need to hire a title company to find the pertinent information for the project.

General Contractor: Any person that has contracted directly with a property owner to oversee and direct the entirety of the construction project.

Home Owner: Any person/parties that own a residential property.

Lien: See Construction Lien above

Lien Law: The laws that dictate the process by which liens are perfected, filed and served. These laws differ from state to state.

Lien Management Service: A service that provides all the legal document, service of notification and filings on behalf of general contractors, subcontractors and material suppliers. In addition, this service will track the statutory timelines and notify its clients when it may be time to escalate to the next step in the process, thus managing the process as a whole for its clients.

Lien Right Holder: Any general contractor, subcontractor and material supplier that has provided an improvement to real property, has adhered to the notice requirements of that state and now stands in a position to assert a perfected lien on a property.

Lien Service: A service that provides all the legal documents, service of notifications and filings on behalf of general contractors, subcontractors and material suppliers.

Lien Waiver: A document that shows that a payment has been made to a general contractor, subcontractor or material supplier and that they are waiving their right to file a lien against the property.

Material Supplier: A company or person that manufactures, furnishes or supplies materials and/or products to the improvement of real property.

Mechanic's Lien: See Construction Lien above

Notice of Intent: A document that is sent to a property owner after work is finished and before a lien is filed. This document typically spells out the fact that payment has not yet been received and states the intent to file a lien if said payment is not received within a specified time.

Perfektion by Perfekt:  (PxP) This is Perfekt’s proven process. On projects that clients chose to use PxP, Perfekt will provide automated email reminders and personal emails, as well as phone contact to help its clients through the process. PxP adheres to effective timelines.

Pre-Lien Notice: A notice that is sent to the owner of real property, to be improved, on the first date of work. This notice is a communication tool that informs the property owner of their rights, the rights of the general contractor, subcontractor or material supplier and gives an estimated dollar amount of the project. 

Pre-pay option (package): If a client wishes to prepay for services, those funds will be held as a balance and be taken off at the current published price of services.

Preliminary Notice: See Pre-Lien Notice above

Primary Contractor: Any contractor in direct contract with the property owner.

Project: Real property that is to be or is being improved.

Property: Real property

Property Owner: The owner of the property according to the county record.

Release of Lien: This instrument releases all or part of the lien from the property.

Residential Property: Any property that would be considered a dwelling place.

Rush Fee: An additional fee for a project that has less that 15 days until the statutory deadline to file.

Satisfaction of Lien: This instrument shows that the amount of the lien has been satisfied and it removes the lien from the property, thus lifting the cloud from the title.

Secondary Notice: See Notice of Intent above.

Service Order: The form by which Perfekt receives requests for service.

Subcontractor: Any contractor that is not in direct contract with the property owner.

Supplier: See Material Supplier above

Torrens: A system by which land is recorder and ownership is transferred where title is cleared once the property has changed hands. There is no need for a historical abstract to prove ownership as the certificate issued at the time of transfer stand as proof of ownership.

Tracking: Perfekt has an automated system that lets you know where your project fits within the state statue timelines.

Trade Contractor: See Contractor or Subcontractor above

Tradesman: Any individual who performs a task or trade associated to the improvement of real property.

 

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