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Landscape
Landscape architect
Landscape contractor
Landscape designer
Late charge
Late payment
Latent defect
Laundry
Lead
Lease
Lease option
Leasehold estate
Legal blemish
Legal description
Lender
Letter of intent
Leverage
Liabilities
Liability insurance
Lien
Life cap
Life-cycle cost analysis
Limited partnership
Lintel
Liquid assets
Liquidated damages
Listing
Listing inventories
Live-in partnership
Live-work space
Load-bearing wall
Loan -to-value ratio
Loan application
Loan application fee
Loan commitment
Loan officer
Loan origination fee
Loan processing fee
Loan term
Lock-in
Loft
Log cabin
Low density
Low-ball offer
Low-documentation loan
Low-down-payment loan
Landscape
A home's surroundings can range from a shrub-studded emerald lawn to a
native-plant xeriscape. It is a major component of curb appeal.
Landscape architect
A professional who holds a degree in landscape architecture, which involves
training in horticulture, landscape design and planning.
Landscape contractor
A professional who carries out the plans of a landscape architect or a
landscape designer.
Landscape designer
A landscape designer has training in horticulture and landscape planning, but
does not necessarily hold a degree.
Late charge
A fee a lender imposes on a borrower when the borrower does not make a payment
on time.
Late payment
A payment a lender receives after the due date has passed.
Latent defect
An invisible problem in a piece of property such as bad wiring, termite damage
or lead paint.
Laundry
If the motel has 40 units or more, the laundry will usually have two 50 lb.
Commercial washers with automatic soap injection and one or two large dryers.
Lead
A metallic chemical element present in older dwellings, primarily in the form
of lead-based paint and lead plumbing. Exposure to lead has been found to be a
health risk.
Lease
A binding agreement that contains the terms and conditions of a renter's
occupancy.
Lease option
A lease that contains the right to purchase the property for a specific price
within a certain time frame.
Leasehold estate
An arrangement in which the borrower does not own a specific piece of property
but possesses a long-term lease.
Legal blemish
Blemishes on a piece of property, such as a zoning violation or fraudulent
title claim.
Legal description
A specific way of identifying and locating a piece of real estate that is
acceptable to a court.
Lender
A bank, savings institution or mortgage company that offers home loans.
Letter of intent
A formal statement that the buyer intends to purchase the property for a
certain price on a certain date.
Leverage
The use of a small amount of cash--a 5 percent or 10 percent down payment--to
buy a piece of property
Liabilities
A borrower's debts and financial obligations.
Liability insurance
A policy that protects owners against any claims of negligence, personal injury
or property damage.
Lien
A claim laid by one person or company on the property of another as security
for money owed.
Life cap
A limit on the amount that a loan rate can move during the term of the
mortgage. For example, the rate on an adjustable-rate mortgage that begins at 5
percent and has a lifetime cap of 6 percentage points cannot rise above 11
percent, even if rates on fixed-rate mortgages soar to 20 percent.
Life-cycle cost analysis
An analysis of a building project's expected operating, maintenance and
replacement costs, calculated by an architect.
Limited partnership
Real estate syndicates and other investment groups use this type of ownership..
A general partner makes the group's investment decisions, oversees the
investment and is principally liable for any losses.
Lintel
A horizontal piece over a door or window that carries the weight of the
structure above it.
Liquid assets
Cash and all other assets that can be converted to cash relatively quickly.
Liquid assets can include money in savings and checking accounts, money-market
accounts, and most certificates of deposit.
Liquidated damages
When a real estate deal goes awry, one party often is entitled to liquidated
damages, a sum of money set out in the purchase contract in that event.
Listing
A piece of property placed on the market by a listing agent.
Listing inventories
The known number of houses for sale within a given market.
Live-in partnership
An arrangement in which two unrelated people purchase a home.
Live-work space
An officially designated dwelling in which the occupant conducts a home-based
business or enterprise.
Load-bearing wall
A wall that supports not only its own weight, but the weight of other parts of
a home. Also called a bearing wall.
Loan -to-value ratio
A technical measure used by lenders to assess the relationship of the loan
amount to the value of the property
Loan application
The first step toward submitting a home loan requires the borrower to itemize
basic financial information.
Loan application fee
A fee charged by lenders to for making a loan application.
Loan commitment
A promise by a lender or other financial institution to make or insure a loan
for a specified amount and on specific terms.
Loan officer
An official representative of a lending institution who is empowered to act on
behalf of the lender within certain limits.
Loan origination fee
Most lenders charge borrowers an origination fee--or points--for processing a
loan. A point is 1 percent of the total loan amount.
Loan processing fee
A fee charged by some lenders for gathering information to enable the lender to
process the loan.
Loan term
The amount of a time set by the lender for a buyer to pay a mortgage. Most
conventional loans have 30-year or 15-year terms.
Lock-in
When interest rates are volatile, many borrowers want to "lock in" an interest
rate and many lenders will oblige, setting a limit on the amount of time the
lock-in is in effect.
Loft
A living space not partitioned into rooms or a small space built above a larger
room.
Log cabin
Homes constructed of rough-hewn timbers and a standard housing form in the
early European settlement of the U.S.
Low density
A low concentration of housing units in a specific area.
Low-ball offer
An offer made to a seller that is substantially below market value. The longer
a property stays on the market, the more likely there are to be such offers.
Low-documentation loan
A mortgage that requires only minimal verification of income and assets.
Low-down-payment loan
A home loan that requires the borrower to make only a small down payment before
obtaining the financing needed to purchase a house.
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