Leasehold Interest - A form of property interest in which the holder of the interest has the right to use or occupy, but not to sell or transfer the property. The holder of a Leasehold Estate has the right to build on and to occupy land for a specified lease term, but the holder of Fee Simple Estate to the land retains the right to sell the land at any time (subject to the lease) and to take the buildings as well at the end of the lease. Some condominium PUD projects lease land and/or recreational; facilities from the developer or a third party.
|
Legal Description - A method of geographically describing a parcel of land, which is recognized in a court of law, and which is sufficient to locate and identify a property without oral testimony.
|
Legal Rate of Interest - The maximum rate of interest that may be charged on a loan. The interest established by the laws of the state having jurisdiction over the transaction. Interest rates charged in excess of this ceiling are considered usurious and are subject to the usury laws of the state having jurisdiction.
|
Lessee - Person who pays for the privilege of using a specific piece of property, as stipulated in a lease; a tenant.
|
Lessor - The person, corporation, or other legal entity that leases property to a lessee; a landlord.
|
Liability - The claims of creditors and owners against the assets of a business.
|
License - Permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.
|
Lien - A claim by one person on the property of another as security for money owed. Such claims may include obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. (See also special lien.)
|
Lien Waiver - Also "waiver of liens." A waiver of mechanics' lien rights, signed by contractors or subcontractors.
|
Link - In surveying, a length of 7.92 inches.
|
Lis Pendens - A legal notice intending to bind third parties of litigation claiming an interest in real estate, and preventing sale of same until judicial disposition of the litigation.
|
Loan Discount Fee - A one-time charge based on a percentage of the loan amount to adjust the yield on a loan to the market conditions demand. It is used to offset constraints placed on the yield by State or Federal regulations.
|
Loan Maturity - Date when a note becomes due and payable, the date when the amortization schedule indicates the last payment will have been made.
|
Loan Origination Fee - A fee which covers the lender's or brokers costs for processing a home loan.
|
Loan Policy - Also called "mortgagee policy." A title insurance policy insuring a mortgagee (lender), or beneficiary under a deed of trust, against loss caused by invalidity or unenforcability of a lien, or loss of priority of the mortgage or deed of trust.
|
Loan-to-Value Ratio - The relationship between the amount of the mortgage loan and the appraised value of the security, expressed as a percentage of the appraised value.
|
Lock-In - A guarantee - for which you are usually charged a fee - that you will receive a specific rate when you close your mortgage.
|
Long Term Capital Gains - Profits earned on assets held for more than six months. It is important for taxation purposes and sellers should consult their accountant or financial advisor regarding the profit from the sale of real property.
|
Loss Payable Clause - An endorsement to an insurance (hazard) policy specifying parties (lenders) entitlement to participate in proceeds in the event of loss.
|
Lot - Generally, any portion or parcel of real property. Usually refers to a portion of a subdivision.
|
Pictures 
What to do 
Where to stay 
Real Estate 
Tourists 
Residents 
Tell a friend 
Home
