Real Estate definitions beginning with L

An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down payment and closing costs.
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Browse Related Terms: Affidavit, Asking Price, Concession, Owner Financing, prorate, Sale-leaseback, Seller Take-Back

A general term encompassing all mortgagees and beneficiaries under deeds of trust.
U.S. Census Bureau - Cite This Source - This Definition
A term referring to an person or company that makes loans for real estate purchases. Sometimes referred to as a loan officer or lender.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: assignment, Blanket mortgage, Estate, Eviction, Executor, Fixture, Grantee, Grantor, Personal property, Property (Fixture and Non-Fixture)

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A person's financial obligations such as long-term / short-term debt, and other financial obligations to be paid.
US Department of Housing and Urban Development - Cite This Source - This Definition
A person's debts and other financial obligations.
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Browse Related Terms: bond, co-mortgagor, Co-signer, Mortgage-backed Security, Mortgage pool, Mortgagor

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Insurance coverage that protects against claims alleging a property owner's negligence or action resulted in bodily injury or damage to another person. It is normally included in homeowner's insurance policies.
US Department of Housing and Urban Development - Cite This Source - This Definition
Insurance coverage that protects property owners against claims of negligence, personal injury or property damage to another party.
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Browse Related Terms: Casualty Protection, Deductible, Disclosures, Fire insurance, Flood Insurance, Hazard Insurance, Home Warranty, Homeowner's insurance, Insurance, Mortgage Life Insurance, Owner's Policy, Perils, Property insurance, Rollover, Title insurance

An index used to determine interest rate changes for certain ARM plans, based on the average interest rate at which international banks lend to or borrow funds from the London Interbank Market.
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Browse Related Terms: Adjustment Index, Adjustment Interval, Cost of Funds Index (COFI), index, margin, Treasury Index, Variable interest rate

A charge against property making it security for the payment of a debt, either voluntary or involuntary; for example, a mortgage.
U.S. Census Bureau - Cite This Source - This Definition
A legal claim against property that must be satisfied when the property is sold. A claim of money against a property, wherein the value of the property is used as security in repayment of a debt. Examples include a mechanic's lien, which might be for the unpaid cost of building supplies, or a tax lien for unpaid property taxes. A lien is a defect on the title and needs to be settled before transfer of ownership. A lien release is a written report of the settlement of a lien and is recorded in the public record as evidence of payment.
US Department of Housing and Urban Development - Cite This Source - This Definition
A claim against a property for the payment of a debt. A mortgage is a lien; other types of liens a property might have include a tax lien for overdue taxes or a mechanic's lien for unpaid debt to a subcontractor.
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A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don't make the mortgage payments.
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Browse Related Terms: Debtor, judgment, Judgment Lien, Lien Waiver, Subordinate

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A document that releases a consumer (homeowner) from any further obligation for payment of a debt once it has been paid in full. Lien waivers typically are used by homeowners who hire a contractor to provide work and materials to prevent any subcontractors or suppliers of materials from filing a lien against the homeowner for nonpayment.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: Debtor, judgment, Judgment Lien, Lien, Subordinate

For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate or monthly payment can increase or decrease over the life of the loan.
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Browse Related Terms: annual cap, Cap, interest cap, Interest Rate Cap, Life Cap, life-of-loan cap, Payment Cap, Rate Cap

One in which there is at least one partner whose liability is limited to the amount invested, and at least one partner whose liability extends beyond monetary investment.
U.S. Census Bureau - Cite This Source - This Definition
Browse Related Terms: Capital or Cash Reserves, General partnership, Joint venture, money-market account, Partnership

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