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L

Land Contract	Type of layaway installment plan for buying a house; sought by a buyer who does not have enough down payment to qualify for a bank loan or to persuade the seller to turn over title
Leasehold	A person has use of the property for a limited time. This person can rent the building or own the building and rent the land on which the building sits.
Leasehold Mortgage	A mortgage for the purchase of a home or improvements to a home where the building is on land that is leased or rented.
Lending Value	An independent appraiser's value interpreted by the lender as to the worth of a property in the current market given a reasonable time period to sell the property.
Letter of Intent	Similar to a commitment letter where a lender issues a letter to a borrower outlining their intent to lend them money for a specific purpose and under what conditions that money will be loaned.
Liabilities	What the borrower owes.
Lien	A claim against property for the payment of a debt; mechanic's lien, mortgage, unpaid taxes, judgments.
Line of Credit	A maximum credit limit allowed by a lender to a borrower, as long as the borrower maintains an acceptable balance on account or has a good credit rating. The credit line will vary from time to time according to the changing circumstances of the borrower or the lender.
Lis Pendens	Notice that litigation is pending on property.
Listing Agreement	Listing AgreementWritten employment agreement between a property owner and a real estate broker, authorizing the broker to find a buyer.
Listing Presentation	Proposal submitted orally or in writing by a real estate agent who seeks to put a prospective seller's property on the market.
Loan Coverage	The ratio of net operating income to mortgage debt service; in general, loan coverage of 1.2 is considered adequate.
Loan Fee	A charge for making a loan in addition to the interest charged to the borrower.
Loan Servicing	Handling paperwork of collecting loan payments, checking property tax and insurance coverage, handling delinquencies.
Loan to Value Ratio	The advance ratio of the principal amount of the mortgage as a function of the lending value of the property.
Lock-In	Guarantee that the borrower will receive the rate in effect at the time of loan application.