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Land Contract: An agreement for the purchase
or sale of real property.
Late Charge: The penalty a borrower must
pay when a payment is not made by the specified
number of days.
Lease: A contract between the owner of
real property, called the lessor, and another
person, called the lessee, covering conditions
under which the lessee may occupy and use the
property at a specified time period.
Lease Option: A lease under which the
lessee has the right to purchase the property.
The option may run for the length of the lease
or only for a portion of the lease period.
Leasehold Estate: A way of holding title
to a property wherein the mortgagor does not
actually own the property but rather has a
recorded long-term lease on it.
Legal Description: A property
description, recognized by law, that is
sufficient to locate and identify the property
without oral testimony.
Lender: A representative of a lending
institution who represents the borrower to the
lending institution to help him/her secure a
loan.
Lender: A term which can refer to the
institution making the loan or to the individual
representing the firm. Loan officers are often
referred to as "lenders."
Leverage: The use of a small amount of
cash to control a large amount of property
values.
Liabilities: A person's financial
obligations. Liabilities include long-term and
short-term debt.
Liability Insurance: Usually part of a
homeowner’s insurance policy, a coverage that
offers protection against claims alleging that a
property owner's negligence or inappropriate
action resulted in bodily injury or property
damage to another party.
Lien: A legal claim against property for
money, either voluntary or involuntary.
Life Cap: A limit on the amount that
interest rate can increase or decrease over the
life of an adjustable-rate mortgage.
Life Estate: An interest in real property
for the life of a living person. The interest
then reverts back to the grantor or on to a
third party. This is useful for investors who
want to purchase a property they believe will be
more valuable in the future. The seller retains
the right to live in or occupy the property
until their death. The buyer pays less than the
current market value for the property since they
will not get possession of the property or
collect any rent until the seller dies.
Line of Credit: An agreement by a
financial institution to extend credit up to a
certain amount for a certain time to a specified
borrower.
Liquid Asset: A cash asset or an asset
that can easily converted into cash.
Liquidate: Disposal of property or
settlement of debts.
Liquidity: The ability of property to be
exchanged for cash.
Lis Pendens: A recorded notice to warn
all persons that the title or right of
possession of certain real property is in
litigation.
Listing: An employment contract between
owner and broker authorizing broker to perform
services involving the principal's property.
Loan: A sum of borrowed money (principal)
that is usually repaid with interest.
Loan Broker: One who, for a fee, brings
together a borrower and lender, and handles the
necessary applications for the borrower to
obtain a loan against real property by giving a
mortgage or deed of trust as security.
Loan Costs: The actual expense for
services used in obtaining a loan. Such expenses
include appraisal fees, attorney fees, survey
fees, loan commissions. Usually itemized for the
benefit of the borrower.
Loan Officer: A representative of a
lending institution who represents the borrower
to the lending institution to help him/her
secure a loan.
Loan Origination: The lender's process of
obtaining new loans.
Loan Representative: A representative of
a lending institution who represents the
borrower to the lending institution to help
him/her secure a loan.
Loan Servicing: The entire process of
handling loan payments for the lender.
Loan-To-Value: The ratio of the mortgage
loan amount to the properties appraised value
(or the selling price, whichever is less).
Lock-in: An agreement in which the lender
guarantees a specified interest rate for a
certain amount of time at a certain cost.
Lock-in Period: The time period during
which the lender has guaranteed an interest rate
to a borrower.
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