Property and real estate glossary
There are 150 entries in this glossary.L
| Term | Definition |
|---|---|
| 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. |