Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of L
Lien
A legal claim or charge on property for payment of a * debt that must be paid when the property is sold. It is the right of the lender to take the * title to your property if you do not make the payments due on the loan.
Glossary For This Page
(In Alphabetical Order)
* Debt
Something owed by one person to another that must be repaid, such as money borrowed, or goods, or services.
* Title
A legal document for the owner that proves the rights to, and the ownership of property, such as ownership of a vehicle, or boat, or ownership of a piece of real estate (land, home). If you borrow money to get a car, the title will be held by the lender until the vehicle is paid off.
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