Lap Sidingrefers to a type of siding that is installed horizontally on your home. When the planks are placed on your residence, they overlap one(...)
LatitudeIn geography, latitude is a geographic coordinate that specifies the north–south position of a point on the Earth's surface. Latitude(...)
LeaseA lease is a contract in which one party, the lessor, gives the right of occupancy or use of property, such as a car, apartment or(...)
Lease OptionA lease option is a written agreement in which an owner allows a person to use a property in exchange for rent, and also gives that(...)
Leased EquipmentEquipment leasing allows owners to rent equipment from a leasing company or vendor for a specific period of time. Typical items are(...)
Leasehold EstateA leasehold estate refers to the exclusive right of a tenant to occupy a property for a period of time. Usually a written lease(...)
LEED For HomesLEED for Homes is a voluntary rating system that promotes the design and construction of high-performance green homes.
Legal DescriptionA legal description is the geographical description of real estate that identifies its precise location, boundaries and any easements(...)
LesseeA lessee, also known as a tenant, is a person who rents land or personal property from the owner, or lessor.
LessorA lessor is a person who grants a lease. The lessor wants to retain ownership of a property, vehicle or other equipment, so he leases(...)
Letter of IntentA letter of intent provides a formal, but preliminary, agreement between two parties who intend to do business with each other. They(...)
LiabilityA liability is what a person or organization owes money on. This includes the obligation to pay taxes, loans, mortgage payments, and(...)
LiborThe London Interbank Offered Rate, or LIBOR, is the most common benchmark interest rate index used to make adjustments to(...)
LienA lien is a claim made on a property in order to satisfy a debt. Liens are often applied to real estate, although an entity may place(...)
Life CapA life cap, or lifetime cap or rate cap, is the maximum amount that a borrower’s interest rate can increase over the term of the loan.(...)
Line of CreditA line of credit, also known as a credit line, is an open-ended, revolving loan that a borrower may access on demand. The lender(...)
List PriceList price is the price established by the manufacturer. Don’t be overly impressed with stores that price items below the list price.(...)
ListingAn arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a(...)
Living AreaBy definition, living area (sometimes referred to as "heated living area" or "heated square footage") is space that is intended for.(...)
Living Building ChallengeThe end goal of the Living Building Challenge is to encourage the creation of a regenerative built environment. The challenge is an(...)
Loan ApplicationA loan application is used by borrowers to apply for a loan. Through the loan application, borrowers reveal key details about their(...)
Loan CommitmentA loan commitment is a lender’s promise to offer a loan or credit of a specified amount to a borrower. Also called a commitment(...)
Loan ConsolidationLoan consolidation enables a student to consolidate multiple student loans into a single loan. By consolidating your student loans,(...)
Loan DefaultDefaulting on a loan is the failure of a borrower to pay the principal or interest on a security or loan. For example, when a borrower(...)
Loan OriginationLoan origination is the term used to describe the process that occurs when a buyer obtains a mortgage loan from a lender. It involves(...)
Lock-InWhen applying for a mortgage from a lender, a lock-in, or rate lock, represents a guarantee from the lender to give you a certain(...)
Locked-In RateA locked-in rate, also referred to as a rate lock, is a specific interest rate for a mortgage loan that is being held for a borrower.(...)
LockoffIn the real estate business, a lockoff refers to a time-share unit that can be divided into two distinct dwelling units. Sometimes(...)
LoftA “Loft” can be an upper story or attic in a building, directly under the roof (U.S usage) or just a storage space under the roof(...)
Log Cabin StyleA log cabin is a small log house, especially a less finished or architecturally sophisticated structure. Log cabins have an ancient(...)
LongitudeLongitude, is a geographic coordinate that specifies the east–west position of a point on the Earth's surface.
Lot SizeLot size is the land you own according to the survey of boundary lines determined by the city. Square footage is the usable space in(...)
Low VOC InsulationIt mostly refers to paints and other products that have a very low or zero VOC, e.g. sealants, adhesives and cleaners. Low VOCs are(...)
