Land — Land is any part of the earth not covered by water. In real estate, this includes any physical structure above or below the land that it occupies.
Land Contract — A legal contract or agreement is that the purchaser agrees to pay the seller stipulated amounts at specified intervals until the purchased price is paid; the seller has legal title of the land as security for the payments.
Land Title – A legal document proving ownership of a property.
Late Charge — A fee charged to the borrower for having late payments.
Late Payment — A fee paid by the borrower for making late payment(s). This amount is usually predetermined in a contract.
Leasehold – A piece of land that is leased to an individual or organization for a pre determined time period. Leaseholds are generally written for 100 years or more.
Legal Description – The precise address of a property as determined by municipal government. Legal descriptions include Lot and Plan.
Lender – A financial institution that lends money in order to gain interest.
Liabilities – owed debts that legally obligated to the lender.
Lien – A legal claim of a creditor on a property owned by another party.
Line of Credit – A pre determined loan amount that allows clients to draw on funds and repay the debt with out penalty or security.
Loan Application – A document filled out by applicants who want to borrow money.
Loan to Value or LTV- The ratio determined by the principal amount of a loan divided by the purchase price.
Low-documentation Loan – A loan that requires very little documentation in order to qualify.
Low-down-payment Loan – A mortgage in which the borrower can put down a very small down payment in order to be approved for a mortgage.