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Land
contract
See Contract for deed
Late charge
The penalty a borrower pays when a payment is made after the due
date
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
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
Lease option
A lease that gives the tenant the right to purchase the property,
either during the lease term or at its end
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
Lessee
The individual or party who takes property upon a lease
Lessor
The individual or party who grants property upon a lease
Liabilities
An individual's financial obligations
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
Life estate
The right to use, occupy and own, for the duration of the life of
the individual
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)
Liquid asset
Cash, or an asset that can be readily converted into cash
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
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
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
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
Loan origination
The process by which a lender sets up a mortgage loan secured by
real property
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
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
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
Lock-in period
The time period during which the set interest rate is guaranteed to
the borrower
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
Lot
A parcel of land with fixed boundaries as determined by a survey
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