David Saks: David Saks' Glossary of Real Estate & Mortgage Terms : The L's

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David Saks' Glossary of Real Estate & Mortgage Terms : The L's

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David Saks'

Glossary of Real Estate and Mortgage Terms


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Late Charge

A penalty for failure to pay an installment on time.

Lease with Option to Purchase

A lease under which the lessee has the right to purchase the property. The option may run for the length of the lease or only for a portion of the lease period.

Lender

A general term encompassing all mortgages, and beneficiaries under deeds of trust.

Letter of Intent

A formal method of stating that a prospective developer, buyer or lessee, is interested in property.

Liber

A latin word for book.

Lien

An encumbrance against property for money, either voluntary or involuntary.

Life Estate

An estate in real property for the life of a living person. The estate then reverts back to the grantor or on to a third party.

Limited Partnership

A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, contributing capital and liable only to the amount contributed.

Lis Pendens

A legal notice recorded to show pending litigation relating to real property and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.

Loan Package

The information given to the lender regarding the borrower and the property necessary to decide to give or not to give the loan.

Loan Ratio

The amount of a loan to the value or selling price of real property.

Loan-to-Value Ratio

The ratio of the mortgage loan amount to the properties appraised value (or the selling price whichever is less).



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Comment balloon 0 commentsDavid Saks • July 21 2008 09:09PM

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