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Real Estate Glossary
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Terms starting with 'L':
LALLY COLUMN :
A concrete filled steel pipe used to support beams.
LATE CHARGE :
An extra charge, or penalty added to a regular mortgage payment when the payment is made late by an amount of time specified in the original loan document.
LATENT DEFECTS :
Any defect in a piece of property which is not readily apparent, but which has an impact of the value. Structural damage or termite infestation would be examples of latent defects.
LEASE :
A contract between a property owner and a tenant specifying the payment amount, terms and conditions, as well as the length of time the contract will be in force.
LEASE OPTION:
A lease agreement that gives the tenant an option to buy the property. Usually, a portion of the regular monthly rent payment will be applied towards the down payment.
LEASEHOLD ESTATE :
A type of property ''ownership'' where the buyer actually has a long-term lease on the property.
LEGAL DESCRIPTION :
The description of a piece of property, identifying its specific location in terms established by the municipality or other jurisdiction in which the property resides. Often related in specific distances from a known landmark or intersection.
LENDER:
The person or entity who loans funds to a buyer. In return, the lender will receive periodic payments, including principal and interest amounts.
LIABILITIES :
A person's outstanding debt obligations.
LIABILITY INSURANCE:
Insurance that covers against potential lawsuit brought against a property owner for alleged negligence resulting in damage to another party.
LIEN :
Any claim against a piece of property resulting from a debt or other obligation.
LIFE CAP:
A limit on how far the interest rate can move for an Adjustable Rate Mortgage.
LIKE-KIND PROPERTY:
Any property which is substantially similar to another property.
LINE OF CREDIT:
An extension of credit for a certain amount for a specific amount of time. To be used by the borrower at his discretion.
LIQUID ASSET :
Any asset which can be quickly converted into cash at little or no cost, or cash itself.
LOAN :
Money borrowed, to be repaid with interest, according to the specific terms and conditions of the loan.
LOAN OFFICER :
A person that "sells" loans, representing the lender to the borrower, and the borrower to the lender.
LOAN ORIGINATION:
How a lender refers to the process of writing new loans.
LOAN SERVICING :
The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to.
LOAN-TO-VALUE RATIO (LTV) :
The comparison of the amount owed on a mortgaged property to its fair market value.
LOCK-IN :
An agreement between a lender and a borrower, guaranteeing an interest rate for a loan if the loan is closed within a certain amount of time.
LOCK-IN PERIOD :
The amount of time the lender has guaranteed an interest rate to a borrower.

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