Glossary

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L

Lending Value

The purchase price or market value of a property, whichever is less.



Lien (Mechanic's)

A claim against a property for money owing. A lien may be filed by a supplier or a subcontractor who has provided labour or materials but has not been paid. A lien must be properly filed by a claimant. It has a limited life, prescribed by statute that varies from province to province. If the lienholder takes action within the prescribed time, the homeowner may be obliged to pay the amount claimed by the lien- holder. Alternatively, the lienholder may force a sale of the property to pay off the debt.



Loan-to-value Ratio

The ratio of the loan to the lending value of a property expressed as a percentage. For example, the loan- to-value ratio of a loan for $90,000 on a home which costs $100,000 is 90%.



 

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