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 designer A landscape
designer has training in horticulture and
landscape planning, but does not necessarily
hold a degree.
Landscape contractor A
professional who carries out the plans of a
landscape architect or a landscape designer.
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.
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.
Leasehold estate An arrangement
in which the borrower does not own a
specific piece of property but possesses a
long-term lease.
Lease option A lease that
contains the right to purchase the property
for a specific price within a certain time
frame.
Lender A bank, savings
institution or mortgage company that offers
home loans.
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.
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.
Life estate
An estate
whose duration is limited to the life of the
party holding it, or of some other person; a
freehold estate, not of inheritance.
Life tenant
One who holds
an estate in lands for the period of his own
life or that of another certain person.
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.
Lis Pendens
Latin. A suit
pending; legal notice to the world that
there is a dispute as to the title.
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 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.
Loan -to-value ratio A
technical measure used by lenders to assess
the relationship of the loan amount to the
value of the property
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-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 density A low concentration
of housing units in a specific area.
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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