Glossary of terms used on this site
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| Term | Definition |
|---|---|
| Land and Improvement Loan |
A loan obtained by the builder/developer for the purchase of land and to cover expenses for subdividing.
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| Landlord |
The owner of property that is leased.
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| Landscaping |
The process of modifying the plant arrangement or lawn of a lot to improve the appearance.
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| Latent Defects |
A hidden flaw, weakness or imperfection in an article which a seller knows about, but the buyer cannot discover by reasonable inspection
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| Lead-Based Paint |
A hazardous material that is no longer manufactured which is potentially poisonous and the possibility of its presence must be disclosed to buyers and tenants residing in a property built before 1978.
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| Lease |
A contract conveying from one entity to another the use of real or personal property for a designated period of time in return for payment or other consideration.
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| Lease Purchase Agreement |
An agreement between a tenant and landlord that a portion of monthly rent may be credited toward eventual purchase of the rental property.
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| Lease Renewal Option |
An option included in the lease that gives the tenant the irrevocable right to renew the lease term at a predetermined rent rate.
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| Leasehold Interest |
An ownership in realty held under a lease; a use of that real estate for a fixed term. In some states it is actually considered to be personal property.
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| Lessee |
A person who leases a property from its owner. Commonly referred to as the Tenant.
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| Lessor |
A person or entity that grants a lease to another. Commonly referred to as the Landlord.
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| Letter of Intent (LOI) |
A preliminary agreement stating the proposed terms for a final contract. They can be binding or non-binding.
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| Lien |
A legal claim against a property which is used to secure a loan and which must be paid when the property is sold. Court judgments become liens against a person’s real property. Liens and judgments are recorded at the county clerk's office and are considered public information.
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| Listing |
Written contract between a property owner and a real estate firm authorizing them to advertise the property for sale or lease for a certain period of time.
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| Listing Agent |
The sales agent who had obtained the right from a seller to handle the marketing of a piece of property.
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| Loan Origination Fee |
A payment associated with the establishment of an account with a bank, broker or other company providing services handling the processing associated with taking out a loan.
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| Loan to Value (LTV) |
A ratio determined by dividing the sales price or appraised value into the loan amount, expressed as a percentage.
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| Log Cabin |
An early American style house constructed using unfinished logs as the exterior walls.
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| Long Term Lease |
In most markets, this refers to a lease whose term is at least three years from initial signing until the date of expiration or renewal option.
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