L/V or LTV:
Short form for "Loan-to-value ratio".

LACHES:
Delay or negligence in asserting one's legal rights.

LAND:
Material of the earth, including the soil, rock and other substances.

LAND BANKING:
The practice of acquiring land now for future use.

LAND CONTRACT:
A contract ordinarily used in connection with the sale of a property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer, often used when property is sold on small down payment.

LAND DESCRIPTIONS:
Necessary to definitely determine boundaries.  Certain methods are recognized by law and called legal descriptions.

LAND LEASE:
A rental agreement for the use of land but not the improvements thereon.

LAND SALE LEASEBACK:
An arrangement where a person sells property to another but immediately rents it from the purchaser.

LAND RESIDUAL:
A method of appraising.  The value of the building is subtracted from the value of the property, leaving the value of the land.

LAND SALES CONTRACT:
A land contract.

LAND SURVEYOR:
A qualified professional who is trained to establish, measure and draw out the boundaries of properties and the improvements (buildings and other features) located thereon based on land records and site examinations.

LAND USE PLANNING (REGULATION):
An effort by a municipality to establish guidelines for the use and development of land within its boundaries.

LAND USE SUCCESSION:
The gradual change in the use of land in a neighborhood over a period of years.

LAND/BUILDING RATIO:
A comparison of the value of the land with the value of the improvements to that land.

LANDLOCKED:
A term describing a property that does not border on any public road.

LANDLORD:
Also known as "lessor". The owner of a property who allows other persons to occupy a property in exchange for periodic payments of rent.

LANDMARK:
Any object which is fixed to the ground and may serve as a guidepost for a survey or boundary. Also known as "monument".

LANDSCAPE ARCHITECT:
A professional designer of ground works who takes into consideration the need for drainage, utilities installations, buildings, grading while creating a pleasing appearance.

LATE CHARGE:
A fee or penalty to be paid to a lender for a payment which is delivered after it is due.

LATENT DEFECTS:
Problems with a property or building which are not visible to the casual observer but which may surface later. A vendor must disclose to a purchaser any serious latent defects of which he has knowledge.

LATERAL SUPPORT:
The support which the soil of an adjoining owner gives to his neighbor's land.

LAWFUL OBJECT:
Legal purpose.  One of the four essential elements of a contract.

LEASE:
A contract giving the lessee the right to use the leased property for a period of time.   A contract between the owner and tenant setting forth conditions upon which tenant may occupy and use the property, and the term of the occupancy.

LEASE TERM:
The fixed term of the lease.

LEASE WITH OPTION TO PURCHASE:
A rental contract which allows the tenant to purchase the property during the period of the lease. Payments under the lease may be credited (in whole or in part) against the purchase price.

LEASE-PURCHASE MORTGAGE LOAN:
A Fannie Mae loan which allows qualified persons to lease a property from a nonprofit organization with an option to purchase the home. Payments are made against the loan principal and interest but with a portion going into a savings account toward the purchase price.

LEASED FEE:
Description of the ownership interest in a property of a landlord who has rented the property to a tenant.

LEASEHOLD:
The interest of one who leases property.  A less-than-freehold estate.

LEASEHOLD ESTATE:
An interest in a property for a period of time as specified under a rental contract.

LEASEHOLD IMPROVEMENTS:
Improvements made to the leased premises by or for a tenant. Generally, especially in new space, part of the negotiations will include in some detail the improvement to be made in the leased premises by the landlord.  Additions to a rented premises made by the tenant, often in the nature of a fixture, which may be removed by the tenant at the end of the lease term if no damage ensues to the premises and if the lease permits.

LEASEHOLD MORTGAGE:
A loan secured against a tenant's interest in a property.

LEGACY:
A gift of personal property by will.

LEGAL AGE:
Set by statute, the age at which a person ceases to be a minor and is able to contract on his own behalf.

LEGAL DESCRIPTION:
A description of a specific parcel of real estate which is acceptable to the courts in that state, and which allows an independent surveyor to locate and identify it. Usually it uses one of the following methods: government survey, metes and bounds or recorded plat (lot and block number).  A description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.

LEGAL NAME:
Usually a person's full name as given at birth, may be changed by filing the proper forms and paying the appropriate fee.

LEGAL NOTICE:
Informing one or more persons of a fact, action or intention in a period of time and in a fashion required by a statute, contract or court order.

LEGAL RESIDENCE:
The place where one resides (may refer to a street address or, for income tax purposes, a country of residence).

LEGAL TITLE:
The bundle of rights of ownership that a person acquires in purchasing a piece of property, which may be defended against competing interests.

LEGATEE:
A person to whom personal property is given by will.

LENDER:
Any individual or company which provides money to third parties in return for periodic payments of interest and principal over time.

LENDER OPTION COMMITMENTS:
A contract between a lender and potential borrower which allows a lender to provide certain loans at certain times on terms set out in the contract but also allows the lender to choose not to provide such loans.

LENDER'S TITLE INSURANCE:
A policy of Title Insurance which covers the interest of a lender on a mortgage registered on title to a property.

LESS THAN FREEHOLD ESTATE:
The interest of one who leases property.  The right of exclusive possession.  A leasehold.

LESSEE:
The user of the leased property under the lease.  One who contracts to rent property under a lease contract.

LESSOR:
Depending on the type of the lease, either the owner of the leased property or the owner of the security interest in the leased property.  An owner who enters into a lease with a tenant.

LET:
1. (Verb) To lease or rent part or all of a property to a third party.
2. (Noun) A served ball that strikes the net but still falls in to the service court in tennis.

LETTER OF COMMITMENT:
See commitment letter.

LETTER OF CREDIT:
A specific arrangement between a lessee and one of its banks. The bank agrees in the event of a defined event, the lessor can look to the bank to make payment instead of the lessee. This is similar to a security deposit in that it is one way for a lessor to insure that it will be paid under the lease.  An agreement between a bank and a borrower which allows the borrower to use money on the bank's credit.

LETTER OF INTENT:
A preliminary agreement stating the proposed terms for a final contract. They can be binding or non-binding.  A written indication to the owner of property that the writer will be making an offer to purchase the property.

LEVEL-PAYMENT MORTGAGE:
A land loan which requires regular, even payments.

LEVERAGE:
Making money with borrowed money.

LEVY:
To charge or assess a tax or charge.

LIABILITIES:
The debts owed by a business.

LIABILITY INSURANCE:
A contract made with an insurance company to cover costs arising out a person's responsibility for injuries to others.

LIABLE:
To be legally obligated or responsible for something or to someone.

LIBER:
Latin for "book", the volume in which land records are held.

LICENSE:
Personal, revocable, non-assignable permission to do some act on the land of another.

LIEN:
A monetary claim against a property. These should be settled before the sale is finalized.   A form of encumbrance which usually makes property security for the payment of a debt or discharge of an obligation; example: judgments, taxes, mortgages, deeds of trust, etc.

LIEN HOLDER:
The person who has the claim against the property.

LIEN WAIVER:
The surrender or passing up on one's right to a claim.

LIFE CAP:
The maximum interest rate chargeable under an adjustable or variable rate mortgage over its life.

LIFE ESTATE:
An estate limited in duration to the life or lives of one or more designated persons.

LIFE TENANT:
A person who enjoys rights of occupation of property for life.

LIFETIME PAYMENT CAP:
The maximum increase or decrease in the amount of each periodic payment allowable over the life of an adjustable or variable rate mortgage.

LIGATION BOND:
A written promise made by a borrower for a sum of money in excess of the principal amount of the loan. The lender may sue the borrower on this promise.

LIKE-KIND PROPERTY:
Similar property.

LIMITED LIABILITY:
Responsibility or obligation which is restricted to the limits set out.

LIMITED PARTNERSHIP:
A partnership composed of some partners whose contribution and liabilities are limited.

LINE OF CREDIT:
A very flexible form of loan in which the lender agrees to make a certain amount of money available to the borrower at a certain rate of interest. The borrower may use as much of the amount available as she wishes and may pay out all or any part of the amount owing at any time or re-borrow such funds at her leisure.

LINEAL MEASUREMENT:
The distance from one point to another measured in a straight line, along the ground.

LINK:
A lineal measurement equaling 7.92 inches.

LIQUID ASSETS:
Assets readily convertable to cash.

LIQUIDATE:
Selling property to secure cash.

LIQUIDATED DAMAGES CLAUSE:
A clause in a contract specifying the damages in the event of a breach of contract.

LIS PENDENS:
Suit pending, usually recorded so as to give constructive notice of pending litigation.

LIST:
To place a property up for sale in the public forum, to add it to the list of properties for sale.

LISTING BROKER (AGENT):
The real estate professional who acts for the vendor in marketing a property for sale. As opposed to Selling Broker (Agent) -- the agent representing the purchaser.

LISTING AGREEMENT:
The legal agreement between the listing agent/broker and the vendor, setting out the services to be rendered, describing the property for sale, and stating the terms of payment.  An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter's property; listing contracts are entered into for the purpose of securing persons to buy, lease or rent property.  Employment of an agent by a prospective purchaser or lessee to locate property for purchase or lease may be considered a listing.

LITIGATION:
Legal action in pursuit or furtherance of a claim.

LOAN:
See also mortgage. A transfer of money or other property from one party to another upon the expectation that the money or other property will be returned (often with additional payments as well).

LOAN APPLICATION:
The loan application is a source of information on which the lender bases his decision to make the loan.

LOAN APPLICATION FEE:
The charge paid by the borrower for the honour of requesting a loan and of having the lender consider the request.

LOAN BROKER:
A person who negotiates the loans.

LOAN CLOSING:
When all conditions have been met, the loan officer authorizes the recording of the trust deed or mortgage and disbursal of funds.

LOAN COMMITMENT:
Lender's contractual commitment to a loan based on the appraisal and underwriting.

LOAN TO VALUE RATIO (LTV):
The amount of the loan expressed as a percentage of the appraised value.

LOCATION:
The most important factor in the value of a property.

LOCK OR LOCK IN:
Obtain a commitment from a lender to guarantee a certain interest rate or other loan feature for a set period of time.

LOCK PERIOD:
The time span over which the lender guarantees a feature of a loan.

LOG CABIN:
A dwelling made of unfinished logs, rough in texture, old-fashioned, rustic.

LOSS MITIGATION:
The duty of any person claiming damages against another person, actions designed to alleviate the injury suffered or to reduce the cost of that injury to that injured party.

LOT:
A measured section of land, often a particular parcel of land on a registered plan.

LOT LINE:
The legal perimeter of a parcel of property, often shown on a survey of the property.

LOW-BALL OFFER:
A slang term for an offer to purchase a property with an offered purchase price much lower than that asked for. An attempt to take advantage of pressures on the vendor to sell by asking him to accept much less than the property may be worth.


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