A professional who holds a degree in landscape architecture,
which involves training in horticulture, landscape design
A professional who carries out the plans of a landscape
architect or a landscape designer.
A landscape designer has training in horticulture and
landscape planning, but does not necessarily hold a
Late charge A fee a
lender imposes on a borrower when the borrower does
not make a payment on time.
Late payment A payment
a lender receives after the due date has passed.
Latent defect An invisible
problem in a piece of property such as bad wiring, termite
damage or lead paint.
Lead A metallic chemical
element present in older dwellings, primarily in the
form of lead-based paint and lead plumbing. Exposure
to lead has been found to be a health risk.
Lease A binding agreement
that contains the terms and conditions of a renter's
Lease option A lease
that contains the right to purchase the property for
a specific price within a certain time frame.
Leasehold estate An
arrangement in which the borrower does not own a specific
piece of property but possesses a long-term lease.
Legal blemish Blemishes
on a piece of property, such as a zoning violation or
fraudulent title claim.
Legal description A
specific way of identifying and locating a piece of
real estate that is acceptable to a court.
Lender A bank, savings
institution or mortgage company that offers home loans.
Letter of intent A
formal statement that the buyer intends to purchase
the property for a certain price on a certain date.
Leverage The use of
a small amount of cash--a 5 percent or 10 percent down
payment--to buy a piece of property.
Liabilities A borrower's
debts and financial obligations.
A policy that protects owners against any claims of
negligence, personal injury or property damage.
Lien A claim laid by
one person or company on the property of another as
security for money owed.
Life cap A limit on
the amount that a loan rate can move during the term
of the mortgage. For example, the rate on an adjustable-rate
mortgage that begins at 5 percent and has a lifetime
cap of 6 percentage points cannot rise above 11 percent,
even if rates on fixed-rate mortgages soar to 20 percent.
Life-cycle cost analysis
An analysis of a building project's expected operating,
maintenance and replacement costs, calculated by an
Real estate syndicates and other investment groups use
this type of ownership.. A general partner makes the
group's investment decisions, oversees the investment
and is principally liable for any losses.
Lintel A horizontal
piece over a door or window that carries the weight
of the structure above it.
Liquid assets Cash
and all other assets that can be converted to cash relatively
Liquid assets can include money in savings and checking
accounts, money-market accounts, and most certificates
When a real estate deal goes awry, one party often is
entitled to liquidated damages, a sum of money set out
in the purchase contract in that event.
Listing A piece of
property placed on the market by a listing agent.
The known number of houses for sale within a given market.
An arrangement in which two unrelated people purchase
Live-work space An
officially designated dwelling in which the occupant
conducts a home-based business or enterprise.
Load-bearing wall A
wall that supports not only its own weight, but the
weight of other parts of a home. Also called a bearing
Loan -to-value ratio
A technical measure used by lenders to assess the relationship
of the loan amount to the value of the property
Loan application The
first step toward submitting a home loan requires the
borrower to itemize basic financial information.
Loan application fee
A fee charged by lenders to for making a loan application.
Loan commitment A promise
by a lender or other financial institution to make or
insure a loan for a specified amount and on specific
Loan officer An official
representative of a lending institution who is empowered
to act on behalf of the lender within certain limits.
Loan origination fee
Most lenders charge borrowers an origination fee--or
points--for processing a loan. A point is 1 percent
of the total loan amount.
Loan processing fee
A fee charged by some lenders for gathering information
to enable the lender to process the loan.
Loan term The amount
of a time set by the lender for a buyer to pay a mortgage.
Most conventional loans have 30-year or 15-year terms.
Lock-in When interest
rates are volatile, many borrowers want to "lock
in" an interest rate and many lenders will oblige,
setting a limit on the amount of time the lock-in is
Loft A living space
not partitioned into rooms or a small space built above
a larger room.
Log cabin Homes constructed
of rough-hewn timbers and a standard housing form in
the early European settlement of the U.S.
Low density A low concentration
of housing units in a specific area.
Low-ball offer An offer
made to a seller that is substantially below market
value. The longer a property stays on the market, the
more likely there are to be such offers.
A mortgage that requires only minimal verification of
income and assets.