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Land contract |
See Contract for deed |
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Late charge |
The penalty a borrower pays when a payment is
made after the due date |
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Lease |
A written agreement between the property owner
and a tenant that stipulates rent to be paid, as well as the terms under which
the tenant may reside in the real estate for a designated period of
time |
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Leasehold estate |
The tenant's right to title to a property for a
specific period of time whereby the tenant does not actually own the property
but has a long-term lease on it |
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Lease option |
A lease that gives the tenant the right to
purchase the property, either during the lease term or at its
end |
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Lender's Title Insurance |
An insurance policy covering a lender for the
loan amount, whereby the coverage declines in amount as the loan is paid off,
to the point where there coverage ends when the loan is paid
completely |
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Lessee |
The individual or party who takes property upon
a lease |
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Lessor |
The individual or party who grants property upon
a lease |
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Liabilities |
An individual's financial
obligations |
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Lien |
A legal claim or charge allowed to a creditor
against a debtor's property that must be paid when the property is sold to
transfer title |
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Life estate |
The right to use, occupy and own, for the
duration of the life of the individual |
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Lifetime payment cap, or Lifetime rate
cap |
The limit on the amount that payments can
increase or decrease over the term of an adjustable-rate mortgage
(ARM) |
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Liquid asset |
Cash, or an asset that can be readily converted
into cash |
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Liquidated damages |
The compensation predetermined by both parties
to a contract to be paid to the injured party, should the other party breach
the contract |
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Lis pendens |
A legal document filed in either a federal or
state court indicating that a suit is pending against property located in the
county where the notice is recorded |
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Listing agreement |
A contract by which a broker is employed by the
seller to find a buyer for the seller's real estate, according to the seller's
terms, and for which service, the broker is paid a commission |
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Listing broker |
A broker whose office initiates the property
listing (as opposed to the cooperating broker, whose office negotiates the
sale); the listing broker and the cooperating broker may be the same
person |
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Loan origination |
The process by which a lender sets up a mortgage
loan secured by real property |
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Loan origination fee |
The fee charged by the lender to the borrower
for setting up a mortgage loan, usually computed as a percentage of the total
mortgage amount |
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Loan-to-value (LTV)
percentage |
The proportion of the amount of the mortgage
loan against the appraised value or sales price of the piece of property being
pledged as collateral; e.g., a home with appraised value of $100,000 but with a
$90,000 mortgage has a LTC of 90 percent |
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Lock-in |
A guaranteed interest rate established at the
time of closing which is honored if the mortgage closes within a certain period
of time, also usually establishing the number of points to be paid at closing
as well |
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Lock-in period |
The time period during which the set interest
rate is guaranteed to the borrower |
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Loss Payable Clause |
A provision in an insurance policy that provides
payment for any loss to two or more parties, as their interest so justifies,
the two parties typically being the owner and the lender |
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Lot |
A parcel of land with fixed boundaries as
determined by a survey |
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