A concrete filled steel pipe used to support beams.
LATE CHARGE
An extra charge, or penalty added to a regular mortgage payment when the
payment is made late by an amount of time specified in the original loan
document.
LATENT DEFECTS
Any defect in a piece of property which is not readily apparent, but which has an
impact of the value. Structural damage or termite infestation would be examples
of latent defects.
LEASE
A contract between a property owner and a tenant specifying the payment
amount, terms and conditions, as well as the length of time the contract will be in
force.
LEASEHOLD ESTATE
A type of property ''ownership'' where the buyer actually has a long-term lease
on the property.
LEASE OPTION
A lease agreement that gives the tenant an option to buy the property. Usually,
a portion of the regular monthly rent payment will be applied towards the down
payment.
LEGAL DESCRIPTION
The description of a piece of property, identifying its specific location in terms
established by the municipality or other jurisdiction in which the property resides.
Often related in specific distances from a known landmark or intersection.
LENDER
The person or entity who loans funds to a buyer. In return, the lender will
receive periodic payments, including principal and interest amounts.
LIABILITIES
A person's outstanding debt obligations.
LIABILITY INSURANCE
Insurance that covers against potential lawsuit brought against a property owner
for alleged negligence resulting in damage to another party.
LIEN
Any claim against a piece of property resulting from a debt or other obligation.
LIFE CAP
A limit on how far the interest rate can move for an Adjustable Rate Mortgage.
LIKE-KIND PROPERTY
Any property which is substantially similar to another property.
LINE OF CREDIT
An extension of credit for a certain amount for a specific amount of time. To be
used by the borrower at his discretion.
LIQUID ASSET
Any asset which can be quickly converted into cash at little or no cost, or cash
itself.
LOAN
Money borrowed, to be repaid with interest, according to the specific terms and
conditions of the loan.
LOAN OFFICER
A person that "sells" loans, representing the lender to the borrower, and the
borrower to the lender.
LOAN ORIGINATION
How a lender refers to the process of writing new loans.
LOAN SERVICING
The processing of payments, mailing of monthly statements, management and
disbursement of escrow funds etc Typically carried out by the company you
make payments to.
LOAN-TO-VALUE RATIO (LTV)
The comparison of the amount owed on a mortgaged property to its fair market
value.
LOCK-IN
An agreement between a lender and a borrower, guaranteeing an interest rate
for a loan if the loan is closed within a certain amount of time.
LOCK-IN PERIOD
The amount of time the lender has guaranteed an interest rate to a borrower.
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Information presented on this website is believed reliable but is not guaranteed
Copyright © 2004-2006 All Rights Reserved
CENTURY 21 Lindsey & Pauley
1745 Hwy 53 West · Jasper, Georgia 30143
Office: 706-692-3533 · Fax: 706-692-2366
info@lindseyandpauley.com
2004 CENTURY 21 Real Estate Corporation © and sm trademark and servicemark of
CENTURY 21 Real Estate Corporation. Equal housing opportunity.
