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Land Contract
A real estate installment selling arrangement whereby the buyer may use and occupy land, but no deed is given by seller until the sales price has been paid.
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Lease with Option to Purchase
A lease under which the lessee has the right to purchase the property. The option may run for a portion or for the full length of the lease
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Leasehold Estate
Tenant's right of possession for a specific period of time under a lease agreement.
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Legal Description
Legally acceptable identification of real estate by one of the following:
- the government rectangular survey
- metes and bounds
- recorded plat (lot and block number)
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Lessee
A person to whom property is rented under a lease. (Tenant)
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Lessor
A person who rents property to another under a lease. (Landlord)
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Lien
A claim against the property for the payment of a debt, judgement, mortgage or taxes. Example : Unpaid contractors may file a mechanic's lien.
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Life Estate
An estate in real property for the life of a living person. The estate then reverts back to the grantor or to a third party.
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Lis Pendens
Latin for "lawsuit pending." Recorded notice that litigation is pending on a property. Most lenders will require the clearance of the Lis Pendens prior to closing.
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Loan Application
A document required by a lender prior to loan approval. The application includes detailed information about the borrower and the property.
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Loan origination fee or points
Charge by a lender or broker connected with originating a loan. This is different from discount points which are used to buy down the rate of interest.
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Loan to Value Ratio (LTV)
The loan amount divided by the value of the property.
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Loan Servicing
The act of collecting loan payments, handling property tax and insurance escrows, foreclosing on defaulted loans and remitting payments to the investors.
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