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| Lien
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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
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Time period in which one may carry out a lien on property. |
| Lien release
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A written document terminating the terms of a lien, which is normally issued after payment has been made in full. |
| Lien theory state
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State whose laws give a lien on property to secure debt. |
| Lien waiver
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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
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A lien that will be paid after other, more senior liens, have been paid. |
| Lienholder
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One who benefits from or holds a lien. |
| Life cap
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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
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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
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A place where water heaters are tested at an accelerated rate to simulate life expectancies. |
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