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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Lien


Synonyms:case, claim, hold on property, property lien, right to property
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of lien

lien
1. A legal hold or claim of a creditor on property owned by another party.

Related Terms and Acronyms:

  • home equity line of credit (HELOC)   An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
      ➥  Also known as a Home Line of Credit.
  • insurable title   A title that can be insured.
  • leveraged property   A property financed with mortgage debt.
  • lien holdback   The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
  • lien waiver   A document in legal form signed by persons or firms which have lien rights, waiving those rights.
  • mortgage lien   A legal claim against a mortgaged property which must be paid when the property is sold.
  • secured debt   A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.
  • settlement statement   A document that details who has paid how much to whom.
  • tax lien   A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
  • title defect   A legal claim by others to property, or the right to make demands upon an owner.

More Related Terms and Acronyms

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