Real Estate Glossary L

Land - The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.

Land contract - Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title) as security for payment of the balance of the purchase price.

Land description - A description of a particular piece of real property.

Land leaseback - A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing. term net lease and subordinates his fee ownership to the lender providing development financing.

Land trust - An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates.

Land, tenements and hereditaments - A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.

Landlocked - Real property having no access to a public road or way.

Landlord - The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord.

Landmark - A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

Landscape architect - A professional who holds a degree in landscape architecture, which involves training in horticulture, landscape design and planning.

Landscape contractor - A professional who carries out the plans of a landscape architect or a landscape designer.

Landscape designer - A landscape designer has training in horticulture and landscape planning, but does not necessarily hold a degree.

Late charge - A fee a lender imposes on a borrower when the borrower does not make a payment on time.

Late payment - A payment a lender receives after the due date has passed.

Latent defect - An invisible problem in a piece of property such as bad wiring, termite damage or lead paint.

Lateral and subjacent support - The support received by a parcel of real property from the land adjoining it is called lateral support. Subjacent support is that support which the surface of the earth receives from its underlying strata.

Law day - The date an obligation becomes due; sometimes refers to the closing date.

Lead - A metallic chemical element present in older dwellings, primarily in the form of lead based paint and lead plumbing.

Lease option - A lease that contains the right to purchase the property for a specific price within a certain time frame.

Leasehold - A less than freehold estate, which a tenant possesses in real property.

Leasehold estate - An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease. term lease.

Legal blemish - Blemishes on a piece of property, such as a zoning violation or fraudulent title claim.

Legal notice - That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice.

Legal Notice - That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice.

Legal rate of interest - The maximum interest rate permitted bylaw, with anything above that rate being usury.

Lender  - A bank, savings institution or mortgage company that offers home loans.

Lessee - The person to whom property is rented or leased; called a "tenant" in most residential leases.

Lessor - The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord.

Less-than-freehold estate - An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.  An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.

Letter of credit - An agreement or commitment by a bank ("issuer") made at the request of a customer ("account party") that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit.

Level payment mortgage - A mortgage, which scheduled to be repaid in equal periodic payments, which include both principal and interest.

Liabilities - A borrower's debts and financial obligations.

Liability insurance - A policy that protects owners against any claims of negligence, personal injury or property damage.

Licensee - A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.

Life cap  - A life cap can be expressed as an absolute interest rate - such as a maximum lifetime rate of 12%, which is called an interest rate ceiling - or as a maximum percentage change in the interest rate from the initial interest rate on the loan. When the life cap is expressed as a maximum percentage change from the initial interest rate, it can also apply to interest rate decreases.

Life estate - Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person.

Life-cycle cost analysis - An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect.   An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect.

Limited common elements - That special class of common elements in a condominium reserved for the use of a certain apartment's) to the exclusion of other apartments.

Line of credit - A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission.

Lintel - A horizontal piece over a door or window that carries the weight of the structure above it.

Liquid assets - Cash and all other assets that can be converted to cash relatively quickly. Liquid assets can include money in savings and checking accounts, money market accounts, and most certificates of deposit. market accounts, and most certificates of deposit.

Liquidity - The ability to sell an asset and convert it into cash at a price close to its true value.

Lis pendens - A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi lien. lien.

Listing inventories  - The known number of houses for sale within a given market.

Littoral land - Land bordering on the shore of a sea or ocean and thus affected by the tide currents.

Live in partnership - An arrangement in which two unrelated people purchase a home.

Live in workspace - An officially designated dwelling in which the occupant conducts a home   An officially designated dwelling in which the occupant conducts a home based business or enterprise.

Load bearing wall - A wall that supports not only its own weight, but also the weight of other parts of a home. Also called a bearing wall.  Also called a bearing wall.

Loan application - The first step toward submitting a home loan requires the borrower to itemize basic financial information.

Loan application fee - A fee charged by lenders to for making a loan application.

Loan officer - An official representative of a lending institution who is empowered to act on behalf of the lender within certain limits.

Loan origination fee - Most lenders charge borrowers an origination fee or points for processing a loan. A point is 1 percent of the total loan amount.

Loan processing fee - A fee charged by some lenders for gathering information to enable the lender to process the loan.

Loan term - The amount of a time set by the lender for a buyer to pay a mortgage. Most conventional loans have 30year or 15 year or 15 year terms.

Lock-in - When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the lock in is in effect.

Locus sigilli - Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

Loft  - A living space not partitioned into rooms or a small space built above a larger room.

Log cabin - Homes constructed of roughhewn timbers and a standard housing form in the early European settlement of the U.S.

Loss payee - The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed.

Low density - A low concentration of housing units in a specific area.

Low-ball offer - An offer made to a seller that is substantially below market value. The longer a property stays on the market, the more likely there are to be such offers.

Low-documentation loan - A mortgage that requires only minimal verification of income and assets.

Low-down-payment loan - A home loan that requires the borrower to make only a small down payment before obtaining the financing needed to purchase a house

 

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