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- 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.
- Life estate An estate
whose duration is limited to the life of the
party holding it, or of some other person; a
freehold estate, not of inheritance.
- Life tenant One who holds
an estate in lands for the period of his own
life or that of another certain person.
- 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.
- Lis Pendens Latin. A suit
pending; legal notice to the world that
there is a dispute as to the title.
- 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.
- Load-bearing wall A wall that
supports not only its own weight, but the
weight of other parts of a home. Also called
a bearing wall.
- Loan application The first step
toward submitting a home loan requires the
borrower to itemize basic financial
information.
- Loan application fee A fee
charged by lenders to for making a loan
application.
- Loan commitment A promise by a
lender or other financial institution to
make or insure a loan for a specified amount
and on specific terms.
- Loan officer An official
representative of a lending institution who
is empowered to act on behalf of the lender
within certain limits.
- Loan origination fee Most
lenders charge borrowers an origination
fee--or points--for processing a loan. A
point is 1 percent of the total loan amount.
- Loan processing fee A fee
charged by some lenders for gathering
information to enable the lender to process
the loan.
- Loan term The amount of a time
set by the lender for a buyer to pay a
mortgage. Most conventional loans have
30-year or 15-year terms.
- Loan -to-value ratio A
technical measure used by lenders to assess
the relationship of the loan amount to the
value of the property
- Lock-in When interest rates are
volatile, many borrowers want to "lock in"
an interest rate and many lenders will
oblige, setting a limit on the amount of
time the lock-in is in effect.
- Loft A living space not
partitioned into rooms or a small space
built above a larger room.
- Log cabin Homes constructed of
rough-hewn timbers and a standard housing
form in the early European settlement of the
U.S.
- Low-ball offer An offer made to
a seller that is substantially below market
value. The longer a property stays on the
market, the more likely there are to be such
offers.
- Low density A low concentration
of housing units in a specific area.
- Low-documentation loan A
mortgage that requires only minimal
verification of income and assets.
- Low-down-payment loan A home
loan that requires the borrower to make only
a small down payment before obtaining the
financing needed to purchase a house.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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