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Term Definition
Leasehold

The right to possession and use of land for a fixed period of time. The lease is the agreement that creates the right.

Lender

A term that can refer to the institution making the loan or to the individual representing the lending institution.

Lessee

A tenant holding a leasehold.

Lessor

A landlord; one who gives a leasehold to a lessee.

License

Permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.

Licensee

A person licensed by the state to engage in real estate brokerage, either as a broker or as a salesperson.

Lien

A monetary charge imposed on a property, usually arising from some debt or obligation.

Lien Waver

Also called "waiver of liens." A waiver of mechanics' lien rights, signed by contractors or subcontractors.

Link

In surveying, a length of 7.92 inches.

Lis Pendens

A legal notice intending to bind third parties of litigation claiming an interest in real estate.

Loan Policy

Also called "mortgage policy." A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust.

Loan-to-Value Ratio (LTV)

The ratio between the amount of a mortgage and the appraised value of a property is the loan-to-value ratio. For instance, a $200,000 mortgage on a $275,000 home equates to an LTV of 73%. The higher the percentage, the riskier the loan; the lower the percentage, the more equity a homeowner has in the property. Lenders examine this ratio before approving a loan and may require a borrower to purchase mortgage insurance or charge more for the mortgage if the ratio is above 80 percent.

Lot

Generally, any portion or parcel of real property. Usually refers to a portion of a subdivision.

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