Glossary of Real Estate Terms

There are 125 entries in this glossary.
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L

Term Definition
Lease

This is a written agreement between the property owner and a tenant. This stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

Leasehold Estate

This is a way of holding title to a property. Here, the mortgagor does not actually own the property but he has rather a recorded long-term lease on it.

Legal Description

This is a property description, which is recognized by law. This is sufficient to locate and identify the property without any oral testimony.

Lender

This term can refer to the institution making the loan and also to the individual who represents the firm. For instance, loan officers are often referred to as "lenders."

Liabilities

A persons financial obligations are called Liabilities, which include long-term and short-term debt, as well as any other amounts which are owed to others.

Line of Credit

Line of Credit means an agreement, which is made by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.

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