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(Disclaimer: Always seek advice regarding
questions for: Legal,
Tax, Accounting, Lending, Surveying, Inspecting, etc. from those other areas of
expertise. They may best answer questions regarding these
matters! Additionally, please allow that
"typos" / errors / changes may occur at this site and / or
other sites, herein referred / linked to... Information is presented only for your convenience. Any corrections
or suggestions are gladly
received! Thanks for visiting our site! Quigley Team, Realty World - John Horton &
Assoc.)
Land Contract: A real estate installment selling arrangement whereby the buyer may use and occupy land, but no deed is given by seller until the sales price has been paid.
Lease with Option to Purchase: A lease under which the lessee has the right to purchase the property. The option may run for a portion or for the full length of the lease.
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Leasehold Estate: Tenant's right of possession for a specific period of time under a lease agreement.
Legal Description: Legally acceptable identification of real estate by one of the following: the government's rectangular survey, metes and bounds, recorded plat (lot and block number).
Lessee: A person to whom property is rented under a lease. (Tenant)
Lessor: A person who rents property to another under a lease. (Landlord)
Lien: A claim against the property for the payment of a debt, judgment, mortgage or taxes.
Example : Unpaid contractors may file a mechanic's lien.
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Life Estate: An estate in real property for the life of a living person. The estate then reverts back to the grantor or to a third party.
Lis Pendens: Latin for "lawsuit pending." Recorded notice that litigation is pending on a property. Most lenders will require the clearance of the Lis Pendens prior to closing.
Loan Application: A document required by a lender prior to loan approval. The application includes detailed information about the borrower and the property.
Loan origination fee or points: Charge by a lender or broker connected
with originating a loan. This is different from discount points which are used
to buy down the rate of interest.
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Loan to Value Ratio (LTV): The loan amount divided by the value of the property.
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Loan Servicing: The act of collecting loan payments, handling property tax and insurance escrows, foreclosing on defaulted loans and remitting payments to the investors.
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AUSTIN "STATS"