- Licensed Real Estate SalespersonThe official term for a real estate agent. Read More
- LienThe liability of real estate as security for payment of a debt. Such liability may be created by contract, such as a mortgage, or by operation(...) Read More
- Lien CancellationUsed to cancel a lien that has already been filed. These are typically used to cancel the filed claim for public records. Read More
- Lien ReleasedUsed to cancel a lien that has already been filed. These are typically used to cancel the filed claim for public records. Read More
- Lifetime CapConsumer safeguard that limits the amount the interest rate on an adjustable rate mortgage loan (ARM) can change over the life of the loan. Read More
- Lifetime-Payment-CapConsumer safeguards that limit the amount the interest rate on an adjustable-rate mortgage can change in an adjustment interval and/or over the(...) Read More
- Lifetime-Rate-CapConsumer safeguards that limit the amount the interest rate on an adjustable-rate mortgage can change in an adjustment interval and/or over the(...) Read More
- LightSpace in a window sash for a single pane of glass. Also, a pane of glass. Read More
- Limit SwitchA safety control that automatically shuts off a furnace if it gets too hot. Most also control blower cycles. Read More
- Limited Liability CorporationA business organization that limits the personal liability of its members. It can provide legal advantages similar to a corporation and tax(...) Read More
- Limited PartnershipA business organization where an individual or party that participates as a minority investor and is limited by legal agreement. A Limited(...) Read More
- Line of CreditAn arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period. Read More
- Lineal FootA method to measure lumber where each lineal foot is a measurement that is 12 inches long. Read More
- Linen CabinetLinen cabinets are similar to kitchen pantry cabinets in that they are tall and set up for storage. If you don't have a built-in linen closet in(...) Read More
- LintelA horizontal structural member that supports the load over an opening such as a door or window. Read More
- Liquid AssetA cash asset or an asset that is easily converted into cash. Read More
- LiquidityThe ease with which assets can be converted into cash. Read More
- Lis PendensA pending lawsuit. A lis pendens notice is legal notice to the world that a lawsuit is pending. Read More
- Listing AgentA fiduciary for the current property owner looking to sell a property and represents their interests in a real estate sale (not be confused with(...) Read More
- LitesSeparated glass areas in a window, usually separated by some sort of grid pattern. Read More
- Load Bearing WallA wall which is supporting its own weight and some other structural elements of the house such as the roof and ceiling structures. Read More
- Loan ApplicationAn initial statement of personal and financial information required to apply for a loan. Read More
- Loan Application FeeFee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property(...) Read More
- Loan ContingencyA loan contingency is a clause or addendum in an offer contract that allows a buyer to back out of a deal and keep their deposit if they are(...) Read More
- Loan EstimateA three-page Loan Estimate must be provided to the consumers no later than three business days after they submit a loan application for most(...) Read More
- Loan OfficerA loan officer acts as a representative at a financial institution like a bank or credit union. They assist borrowers with the application(...) Read More
- Loan OriginationThe process by which a loan is made, which may include taking a loan application, processing and underwriting the application, and closing the loan. Read More
- Loan Origination FeeThe fee charged by a lender to prepare all the documents associated with your loan. This fee is usually in the form of points (or portion of a(...) Read More
- Loan PolicyA policy of title insurance issued to the mortgage lender insuring against loss by defects in, liens against, or unmarketability of title. Read More
- Loan ServicerThe entity responsible to collect payments and pass them on to investors, tax authorities, and insurers, often through escrow accounts.(...) Read More
- Loan TermThe period of time between the closing date and the date a final payment is made. Read More
- Loan To ValueThe ratio between the loan amount and the value of the property. The LTV is how much a lender will loan a borrower based on a percentage of the(...) Read More
- Local OwnerProperty owner within the same county as the property. Read More
- Lock-InA commitment by a lender guaranteeing a specified interest rate for a specified period of time. It protects a borrower against rate increases(...) Read More
- Lock-In-RateAn agreement in which an interest rate is locked in or guaranteed for a specified period of time prior to closing. Read More
- Lock-Out PeriodA period of time after loan closing during which a borrower cannot prepay the loan. Read More
- London Interbank Offered Rate IndexThe interest rate charged among banks in the foreign market for short-term loans to one another-a common index for ARM loans. Read More
- Long-Term RentalA long-term lease is often defined as anything that is agreed-upon for more than one year. Read More
- LookoutA short wood bracket or cantilever that supports an overhang portion of a roof. Read More
- Loss To LeaseFor all leased units, the difference between market rents and actual contract rents. Read More
Get in Touch
Have a deal to discuss? Let us know!
Give us a ring
407-476-2500
Mon – Fri, 9:00am – 6:00pm ET
E-mail us
[email protected]