REAL ESTATE TERMS

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There are currently 10 names in this directory beginning with the letter L.
LANDLOCKED
Real property having no access to a public road or way.

LEGAL DESCRIPTION
A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.

LENDER
A term which can refer to the institution making the loan or to the individual representing the firm.

LICENSEE
A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.

LIEN
A legal claim against a property that must be paid off when the property is sold.

LIFE CAP
For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage.

LIQUIDATED DAMAGES
Liquidated damages occur when, by contractual agreement, defaulted earnest money becomes the personal property of the seller.

LOAN OFFICER
Mortgage loan officers help the homebuyer with purchasing or refinancing a home. Loan officers are often employed by financial institutions and help borrowers choose the right type of loan, compile their loan application, and communicate with appraisers.

LOAN ORIGINATION FEE
The loan origination fee covers the administrative costs of processing the loan.

LOAN-TO-VALUE (LTV)
The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).