Laminated Shingles      Strip shingles containing more than one layer of tabs to create extra thickness. Also called three-dimensional shingles or architectural shingles.

Laminate Backing      A thermo-fused backing that provides additional strength and protection and ensures the floor stays flat, even when exposed to bottom-up moisture, which is particularly common with installations over concrete.

Laminate Flooring      Hard surface flooring utilizing a fiberboard core and Melamine wear layer, that is available in blocks, planks, and squares and can be installed as individual units.

Laminate Flooring Glue      Adhesive used to bond the tongue and groove edges of laminate flooring. Now in a “peelable” formulation for easy cleanup.

Laminate Image Layer      The look of your laminate floor, in choices as varied as the entire North American woodland.

Laminate Surface      A clear wear layer for super protection, even against the harsh punishment of sunlight, stains and burns.

Lap      To cover the surface of one shingle or roll with another.

Lath       Sheet metal screening or wooden strips nailed to studs or joists; the lath acts as a base for plaster. 

LEED       Leadership in Energy and Environmental Design is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of high performance green buildings.

Leasehold      Interest in an estate that entitles a person to possession but not ownership of the land. 

Ledger board       (1) One of multiple boards attached horizontally across a series of vertical supports, as in the construction of a fence. (2) A ribbon strip.

Lending institution      An entity that lends money to individuals or businesses as part of its normal business operations. 

Lot      In roofing: (1) Production lot – all material produced in one eight-hour shift of the same type (and color when applicable); (2) Delivery lot – all material of the same type delivered at one time by one truck or railroad car.

Low Slope Application      Method of installing asphalt shingles on roof slopes between 2 and 4 inches per foot.

Lien      A claim against a property, typically as security for a debt. In addition to a mortgage lien, a property may also have a tax lien (e.g. overdue property taxes) or judgment lien, which is a court-appointed claim against a property. 

Linoleum      A floor surfacing material composed of oxidized linseed oil, mixed with cork or wood flour, mineral filler and pigments and bonded to a jute or suitable backing.  Can be produced with or without a high performance, permanently bonded coating that improves the floor’s resistance to damage and makes cleaning easier.

Liquidated damages      Compensation paid to the seller if the buyer fails to complete the purchase even though all contingencies have been satisfied. For example, the seller may keep the buyer’s earnest money in the event the buyer defaults on the contract. 

Loan      An agreement whereby one entity allows another entity to use its money, often for a fee called interest. 

Loan-to-value ratio (LTV)      The ratio of a proposed loan amount to a lesser of a property’s appraised value or purchase price. For example, if a property is purchased for $110,000, appraised for $100,000 and the buyer is applying for a loan in the amount of $90,000, the LTV is 90% (90,000 divided by 100,000). 

Lock-in       An assurance of a given interest rate at the time of settlement. For example, if the interest rate is at 7.5% when you apply for a loan, it may have risen (or fallen) by the time the loan is approved. A lock-in ensures that you will get the original interest rate. Some lenders charge a fee for locking in an interest rate. 

Locking Installation System      Method of installing laminate flooring with a unique tongue-and-groove profile that allows for easy installation of boards by just locking edges into place and requiring no glue. Allows for installation up to 50% faster than standard installation.

Loose Lay (and Modified Loose Lay)      An installation method for fiberglass-backed vinyl sheet floors where no adhesive (loose lay) or adhesive used just in strategic spots such as under appliances (modified loose lay) is used for installing the floor.

Luxury Vinyl Tile (LVT)      A type of flexible, vinyl floor tile and/or plank that has a beautiful printed designs protected by a durable urethane wear layer. LVT products are easy to install, but they do require full spread adhesive and the proper sized trowel for installation.

Lump sum payment      A sum of money paid at one time, as opposed to spreading payments over a period of time.