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 Home Real estate glossary |
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| 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. | | | | | 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. | | | |
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