Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

L

Land contract	See Contract for deed
Late charge	The penalty a borrower pays when a payment is made after the due date
Lease	A written agreement between the property owner and a tenant that stipulates rent to be paid, as well as the terms under which the tenant may reside in the real estate for a designated period of time
Leasehold estate	The tenant's right to title to a property for a specific period of time whereby the tenant does not actually own the property but has a long-term lease on it
Lease option	A lease that gives the tenant the right to purchase the property, either during the lease term or at its end
Lender's Title Insurance	An insurance policy covering a lender for the loan amount, whereby the coverage declines in amount as the loan is paid off, to the point where there coverage ends when the loan is paid completely
Lessee	The individual or party who takes property upon a lease
Lessor	The individual or party who grants property upon a lease
Liabilities	An individual's financial obligations
Lien	A legal claim or charge allowed to a creditor against a debtor's property that must be paid when the property is sold to transfer title
Life estate	The right to use, occupy and own, for the duration of the life of the individual
Lifetime payment cap, or Lifetime rate cap	The limit on the amount that payments can increase or decrease over the term of an adjustable-rate mortgage (ARM)
Liquid asset	Cash, or an asset that can be readily converted into cash
Liquidated damages	The compensation predetermined by both parties to a contract to be paid to the injured party, should the other party breach the contract
Lis pendens	A legal document filed in either a federal or state court indicating that a suit is pending against property located in the county where the notice is recorded
Listing agreement	A contract by which a broker is employed by the seller to find a buyer for the seller's real estate, according to the seller's terms, and for which service, the broker is paid a commission
Listing broker	A broker whose office initiates the property listing (as opposed to the cooperating broker, whose office negotiates the sale); the listing broker and the cooperating broker may be the same person
Loan origination	The process by which a lender sets up a mortgage loan secured by real property
Loan origination fee	The fee charged by the lender to the borrower for setting up a mortgage loan, usually computed as a percentage of the total mortgage amount
Loan-to-value (LTV) percentage	The proportion of the amount of the mortgage loan against the appraised value or sales price of the piece of property being pledged as collateral; e.g., a home with appraised value of $100,000 but with a $90,000 mortgage has a LTC of 90 percent
Lock-in	A guaranteed interest rate established at the time of closing which is honored if the mortgage closes within a certain period of time, also usually establishing the number of points to be paid at closing as well
Lock-in period	The time period during which the set interest rate is guaranteed to the borrower
Loss Payable Clause	A provision in an insurance policy that provides payment for any loss to two or more parties, as their interest so justifies, the two parties typically being the owner and the lender
Lot	A parcel of land with fixed boundaries as determined by a survey

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

	About You
* Your Name:
* Your Email Address:
Your Street Address:
City:
State/Province:
Country:
Zip/Postal Code:
Phone:
	Additional Info
Ask Your Question Here!
Send Latest Listings:
Send Latest News:

*Please note that fields marked with an asterisk are required.

Quick Response Guarantee > Your Privacy Is Guaranteed > Free & Without Obligation >

"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation Arizona Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Gilbert, Chandler and Mesa

Q  What is the largest home in Hollywood? A  The largest home in Hollywood is currently "The Manor" at 36,500 square feet, built by T.V. producer Aaron Spelling for $37 million. See More Real Estate Trivia >

John Beshk, Designated Broker The Beshk Group, Inc. 1409 W. Crystal Spring Dr. Gilbert, AZ 85233 Chandler Branch 908 W. Chandler Blvd., Suite 2, Bldg D. Chandler, AZ 85225 Mesa Branch 1355 N. Greenfield Rd. Mesa, AZ 85205 Office: 480-214-5347 Direct: 602-309-8888 Fax: 480-926-7308 Email: John@TheBeshkGroup.com John Beshk has been assisting Arizona home buyers and sellers with their real estate needs since 1992 and has helped hundreds of individuals and families realize their dream of home ownership. Every buyer and seller has different wants and needs, which makes finding an experienced professional like John and The Beshk Group, Inc. a necessity. John and his team of professionals can provide you with the individualized attention and service you deserve. John is certified by the Arizona Department of Real Estate and Maricopa Community Colleges to provide pre-licensing, appraisal and continuing education instruction for real estate agents and college students. All of his courses are open to the public and available at Mesa Community College. John earned his Bachelor of Science in Finance from DePaul University and Master of Business Administration from the University of Phoenix. John has resided in the East Valley since 1986 and currently lives in Gilbert with his wife, Mickie. John is the Designated Broker for The Beshk Group, Inc. a family owned and operated real estate firm that prides itself on creating and maintaining sound relationships with its past, present and future clients. You can contact John by telephone, email, request information through his website or by appointment at his Gilbert, Chandler or Mesa offices.   www.TheBeshkGroup.com is brought to you by The Beshk Group, Inc. NUMBER1EXPERT™ in real estate for Gilbert, Chandler and Mesa, Arizona Read John Beshk's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

NUMBER1EXPERT™
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.