Land Contract: A real estate sales
agreement where the buyer has the right to use and
occupy the lad, though he doesn't receive the deed
until payment is complete.
Lease with Option to Purchase A lease under which
the lessee has the right to purchase the property.
Leasehold Estate: The tenant right
of possession for a specific period of time under
a lease.
Legal Description: Legal identification
of a property by one of the following.
Lessee: A person to whom a property
is rented under a lease. Known as a tenant.
Lessor: A person who rents property
under a lease. Otherwise known as a landlord.
Lien: A claim against the property for the
payment of a debt, judgment, mortgage or taxes.
Life Estate: An estate for the life of a
living person. Upon death, the estate reverts to the
grantor or a third party.
Lis Pendens: This term is Latin for
"lawsuit pending." It is a recorded notice
that litigation is pending on a piece of property.
Most lenders require that these conditions are resolved
prior to the closing.
Loan Application: A document that
is required in order to apply for a loan. It contains
very detailed information about the borrower and the
property.
Loan Origination Fee/Points: Fee
charged by the lender or broker to pay for originating
the loan.
Loan to Value Ratio (LTV): A ratio
of the loan amount to the actual value of the property.
Loan Servicing Act: of collecting various
fees including escrow deposits and monthly mortgage
payments. Also handling the disbursements from the
escrow accounts, and handling any needed foreclosures.
