LATCHES
undue delay or negligence in asserting one's legal
rights, possibly leading to estoppel of negligent
party suit
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LAND the surface of the earth; any
part of the surface of the earth
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LAND BANKING the activity of purchasing
land that is not presently needed for use.
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LAND/BUILDING RATIO a ratio of relative
values of the land to improvements. Contrast with
improvement ratio.
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LAND CONTRACT a real estate installment
selling arrangement whereby the buyer may use, occupy,
and enjoy land, but no deed is given by the seller
(so no title Passes) until all or a specified part
of the sale price has been paid. Same as contract
for deed and installment land contract
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LAND ECONOMICS the branch of economics
that concentrates upon the economic attributes of
land and the economics of agriculture.
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LAND LEASE only the ground is covered
by the lease.
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LANDLOCKED the condition of a lot
that has no access to a public thoroughfare except
through an adjacent lot. Compare with easement, right-of-way.
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LANDLORD one who rents property
to another; a lessor. A property owner who surrenders
the right to use property for a specific time in exchange
for the receipt of rent.
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LANDMARK a fixed object serving
as a boundary mark for a tract of land. Same as monument
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LAND RESIDUAL TECHNIQUE in appraisal,
a method of estimating the value of land when given
the net operating income (NOI) and value of improvements.
Used for feasibility analysis and highest and best
use.
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LAND SALE-LEASEBACK the sale of
land and simultaneous leasing of it by the seller,
who becomes the tenant.
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LANDSCAPE ARCHITECT a professional
who designs building sites, subdivisions, and other
projects which require work on drainage, grading,
vegetation, installation of utilities and site improvements.
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LAND, TENEMENTS, AND HEREDITAMENTS
a phrase used in early English law to express all
sorts of real estate.
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LAND USE INTENSITY a measure of
the extent to which a land parcel is developed in
conformity with zoning ordinances.
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LAND USE PLANNING an activity, generally
conducted by a local government, that provides public
and private land use recommendations consistent with
community policies. Generally used to guide decisions
on zoning.
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LAND USE REGULATION government ordinances,
codes, and permit requirements intended to make the
private use of land and natural resources conform
to policy standards.
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LAND USE SUCCESSION a change in
the predominant use of a neighborhood or area over
time.
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LATENT DEFECTS flaws that are hidden
but are apt to surface later.
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LATE PAYMENTS a fee added to a bill
after the expiration of a specific grace period. Such
payments are intended to encourage timely payment
of the bill.
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LEASE a contract in which, for a
payment called rent, the one entitled to the possession
of real property (lessor) transfers those rights to
another (lessee) for a specified period of time.
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LEASED FEE the landlord's ownership
interest of a property that is under lease.
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LEASEHOLD the interest or estate
on which a lessee (tenant) of real estate has a lease.
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LEASEHOLD IMPROVEMENTS fixtures
attached to real estate that are generally acquired
or installed by the tenant. Upon expiration of the
lease, the tenant can generally remove them, provided
such action does not damage the property nor conflict
with the lease.
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LEASEHOLD MORTGAGE a lien on the
tenant's interest in real estate.
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LEASEROLD VALUE the value of a tenant's
interest in a lease, especially when the rent is below
market and the lease has a long remaining term.
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LEASE WITH OPTION TO PURCHASE a
lease that gives the lessee (tenant) the right to
purchase the property at an agreed-upon price under
certain conditions.
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LEGAL AGE the official standard
of maturity upon which one is held legally responsible
for one's acts. Contracts for the sale or lease of
real estate by a minor are voidable by the minor.
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LEGAL DESCRIPTION legally acceptable
identification of real estate by one of the following:
* the government rectangular survey * metes and bounds
* recorded plat (lot and block number)
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LEGAL NAME the name one has for
official purposes.
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LEGAL NOTICE notification of others
using the method required by law.
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LEGAL RESIDENCE generally one's
permanent home.
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LEGAL TITLE a collection of rights
of ownership that are defined or recognized by law
or that could be successfully defended in a court
of law.
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LEGATEE one who receives property
by will.
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LESSEE a person to whom property
is rented under a lease. A tenant. Compare with lessor.
.
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LESSOR one who rents property to
another under a lease. A landlord. Compare with lessee.
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LESS THAN FREEHOLD ESTATE an estate
in land that has a predetermined time span; most commonly
a leasehold.
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LET to rent a property to a tenant.
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LETTER OF COMMITMENT official notification
to a borrower of the lender's intent to grant a loan.
Generally specifies the terms of the loan and sets
a date for the closing.
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LETTER OF CREDIT an arrangement,
with specified conditions, whereby a bank agrees to
substitute its credit for a customer's.
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LETTER OF INTENT the expression
of a desire to enter into a contract without actually
doing so.
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LEVEL-PAYMENT MORTGAGE requires
the same payment each month (or other period) for
full amortization.
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LEVERAGE use of borrowed funds to
increase purchasing power and, ideally, to increase
the profitability of an investment.
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LEVY to legally impose or collect
that which is due.
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LIABILITY 1. a debt or financial
obligation. Contrast with asset. 2. a potential loss.
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LIABILITY INSURANCE protection for
a property owner from claims arising from injuries
or damage to other people or property.
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LIABLE responsible or obligated.
Contrast with exculpatory clause and nonrecourse
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LIBOR London Interbank Offered Rate.
The rate that international banks dealing in Eurodollars
charge each other for large loans. Some domestic banks
use this rate as an index for adjustable rate mortgages.
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LICENSE 1. permission. 2. a right
granted by a state to an individual to operate as
a real estate broker or salesperson.
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LICENSED APPRAISER generally an
appraiser who meets certain state requirements, but
lacks the experience or expertise of a certified appraiser.
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LICENSEE one who holds a real estate
license; a licensed salesperson or broker.
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LICENSE LAWS laws that govern the
activities of real estate salespersons.
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LICENSING EXAMINATION a written
test given to a prospective real estate broker or
salesperson to determine ability to represent the
public in a real estate transaction. Most states offer
examinations on at least 5 dates each year.
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LIEN a charge against property making
it security for the payment of a debt, judgment, mortgage,
or taxes; it is a type of encumbrance. A specific
lien is against certain property only. A general lien
is against all of the property owned by the debtor.
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LIENHOLDER one who holds, or benefits
from, a lien.
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LIEN, JUNIOR a lien that will be
paid after earlier liens have been paid.
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LIEN-THEORY STATES states whose
laws give a lien on property to secure debt. Contrasted
with title theory states in which the lender becomes
the title owner. In either case the borrower has the
right to use and enjoy the property in the absence
of default; in the event of default, lenders may foreclose.
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LIFE ESTATE a freehold interest
(in real property) that expires upon the death of
the owner or some other specified person (pur autre
vie).
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LIFE OF LOAN CAP a contractual limitation
on the maximum interest rate that can be applied to
an adjustable rate mortgage during the term of the
loan.
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LIFE TENANT one who is allowed to
use property for life or the lifetime of another designated
person..
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LIKE-KIND PROPERTY property having
the same nature.
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LIMITED LIABILITY the restriction
of one's potential losses to the amount invested.
The absence of personal liability
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LIMITED PARTNERSHIP one in which
there is at least one partner who is passive and limits
liability to the amount invested, and at least one
partner whose liability extends beyond monetary investment.
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LINCOLN GRADUATE CENTER an organization
that offers real estate education, especially appraisal
courses.
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LINEAL FOOT a measure of one foot,
in a straight line, along the ground.
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LINE OF CREDIT an agreement whereby
a financial institution promises to lend up to a certain
amount without the need to file another application.
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LIQUIDATE 1. to dissolve a business.
. 2. to retire debts.
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LIQUIDATED DAMAGES an amount agreed
upon in a contract that one party will pay the other
in the event of a breach of the contract
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LIQUIDITY ease of converting assets
to cash.
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LIS PENDENS Latin: "suit pending."
Recorded notice of the filing of a suit, the outcome
of which may affect title to a certain land.
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LIST to obtain a listing.
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LISTING 1. a written engagement
contract between a principal and an agent, authorizing
the agent to perform services for the principal involving
the latter’s property. 2. a record of property
for sale by a broker who has been authorized by the
owner to sell. 3. the property so listed.
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LISTING BROKER (AGENT) the licensed
real estate broker (agent) who secures a listing of
the property. Contrast with selling broker (agent).
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LITIGATION the act of carrying on
a lawsuit.
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LITTORAL part of the shore zone
of a large body of water. Compare with riparian rights.
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LOAN APPLICATION document required
by a lender prior to issuing a loan commitment. The
application generally includes the following information:
I - name of the borrower 2. amount and terms of the
loan 3. description of the subject property to be
mortgaged 4. borrower's financial and employment data
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LOAN APPLICATION FEE a charge required
by a loan originator to be paid by the borrower to
cover the credit report, property appraisal and other
incidental expenses associated with underwriting the
loan. The fee is generally not refundable.
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LOAN COMMITMENT an agreement to
lend money, generally of a specified amount, at specified
terms at some time in the future.
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LOAN CONSTANT same as mortgage constant
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LOAN COVERAGE RATIO same as debt
coverage ratio.
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LOAN PACKAGE the collection of documents
associated with a specific loan application.
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LOAN-TO-VALUE RATIO (LTV) the portion
of the amount borrowed compared to the cost or value
of the property purchased.
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LOCATION, LOCATION, LOCATION"
the "three most important things about real estate";
a popular statement that emphasizes the importance
of location with respect to the value of urban real
estate.
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LOCKED-IN INTEREST RATE the rate
promised by a lender at the time of loan application.
The promise is a legal commitment of the lender, though
there may be qualifications or contingencies that
allow the lender to charge a higher rate. On home
loans, the lock-in is customarily provided for 1%
of the amount borrowed, though often it is free-e
of charge. On income property loans, a lock-in generally
requires a commitment fee from the loan applicant.
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LOG CABIN an early-American-style
house of unfinished logs.
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LONG-TERM CAPITAL GAIN for income
tax purposes, the gain on a capital asset held long
enough to qualify for special tax considerations.
Note: The highest rate for individuals in 1991 and
thereafter for long-term capital gains is 28%.
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LONG-TERM FINANCING same as permanent
mortgage.
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LONG-TERM LEASE generally, a commercial
lease of 5 years or longer, or a residential lease
longer than I year.
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LOT AND BLOCK a method of locating
a parcel of land.
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LOT LINE a line bounding a lot as
described in a property survey.
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LOW-BALL OFFER an offer from a prospective
property buyer that is much lower than the listing
price. Such an offer may indicate the buyer’s
belief that the property will not attract many good
offers and the asking price is unrealistic
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LOW-INCOME HOUSING (QUALIFIED) housing
that is eligible for special tax credits of up to
9% of their cost (4% in certain situations) under
the 1986 tax act - Strict rules must be followed concerning
tenant qualification, certification, and project financing.
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LTV loan-to-value ratio.
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L/V loan-to-value ratio.
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