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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.

Market Value

The average of the highest price that a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing but not compelled to sell, would accept.

Mechanic's Lien

A lien on real estate, created by operation of law, that secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.

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