A legal claim against a piece of property that can prevent it from being sold unless the lien is satisfied (paid off). Liens can be filed by unpaid contractors or other debtors in a legal process so that they will be paid when a property is sold.
Lien period
Time period in which one may carry out a lien on property.
Lien release
A written document terminating the terms of a lien, which is normally issued after payment has been made in full.
Lien theory state
State whose laws give a lien on property to secure debt.
Lien waiver
A written document from a contractor or material supplier having lien rights against an owner's property that relinquishes all or part of those rights.
Lien, junior
A lien that will be paid after other, more senior liens, have been paid.
Lienholder
One who benefits from or holds a lien.
Life cap
Limit on the amount that a loan rate can change during the term of the mortgage. A mortgage whose interest initially begins at 6 % and has a life cap of 7% cannot go over the amount of 13%.
Life cycle cost
The sum of all the costs both recurring and nonrecurring, related to a product, structure, system, or service during its life span or specified time period.
Life cycle labs
A place where water heaters are tested at an accelerated rate to simulate life expectancies.
