Glossary of Real Estate Terms (la-li)

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

Landscape

• A home's surroundings can range from a shrub-studded emerald lawn to a native-plant xeriscape. It is a major component of curb appeal.

Landscape architect

• A professional who holds a degree in landscape architecture, which involves training in horticulture, landscape design and planning.

Landscape designer

• A landscape designer has training in horticulture and landscape planning, but does not necessarily hold a degree.

Landscape contractor

• A professional who carries out the plans of a landscape architect or a landscape designer.

Late charge

• A fee a lender imposes on a borrower when the borrower does not make a payment on time.

Late payment

• A payment a lender receives after the due date has passed.

Latent defect

• An invisible problem in a piece of property such as bad wiring, termite damage or lead paint.

Lead

• A metallic chemical element present in older dwellings, primarily in the form of lead-based paint and lead plumbing. Exposure to lead has been found to be a health risk.

Lease

• A binding agreement that contains the terms and conditions of a renter's occupancy.

Leasehold estate

• An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease.

Lease option

• A lease that contains the right to purchase the property for a specific price within a certain time frame.

Lender

• A bank, savings institution or mortgage company that offers home loans.

Legal blemish

• Blemishes on a piece of property, such as a zoning violation or fraudulent title claim.

Legal description

• A specific way of identifying and locating a piece of real estate that is acceptable to a court.

Letter of intent

• A formal statement that the buyer intends to purchase the property for a certain price on a certain date.

Leverage

• The use of a small amount of cash--a 5 percent or 10 percent down payment--to buy a piece of property.

Liabilities

• A borrower's debts and financial obligations.

Liability insurance

• A policy that protects owners against any claims of negligence, personal injury or property damage.

Lien

• A claim laid by one person or company on the property of another as security for money owed.

Life cap

• A limit on the amount that a loan rate can move during the term of the mortgage. For example, the rate on an adjustable-rate mortgage that begins at 5 percent and has a lifetime cap of 6 percentage points cannot rise above 11 percent, even if rates on fixed-rate mortgages soar to 20 percent.

Life-cycle cost analysis

• An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect.

Limited partnership

• Real estate syndicates and other investment groups use this type of ownership.. A general partner makes the group's investment decisions, oversees the investment and is principally liable for any losses.

Lintel

• A horizontal piece over a door or window that carries the weight of the structure above it.

Liquid assets

• Cash and all other assets that can be converted to cash relatively quickly. Liquid assets can include money in savings and checking accounts, money-market accounts, and most certificates of deposit.

Liquidated damages

• When a real estate deal goes awry, one party often is entitled to liquidated damages, a sum of money set out in the purchase contract in that event.

Listing

• A piece of property placed on the market by a listing agent.

Listing inventories

• The known number of houses for sale within a given market.

Live-in partnership

• An arrangement in which two unrelated people purchase a home.

Live-work space

• An officially designated dwelling in which the occupant conducts a home-based business or enterprise.

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