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The Loan Process Tips and Tricks FAQs Glossary

Glossary

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Land Contract
A real estate installment selling arrangement whereby the buyer may use and occupy land, but no deed is given by seller until the sales price has been paid.
Lease with Option to Purchase
A lease under which the lessee has the right to purchase the property. The option may run for a portion or for the full length of the lease
Leasehold Estate
Tenant's right of possession for a specific period of time under a lease agreement.
Legal Description
Legally acceptable identification of real estate by one of the following:
  • the government rectangular survey
  • metes and bounds
  • recorded plat (lot and block number)
Lessee
A person to whom property is rented under a lease. (Tenant)
Lessor
A person who rents property to another under a lease. (Landlord)
Lien
A claim against the property for the payment of a debt, judgement, mortgage or taxes. Example : Unpaid contractors may file a mechanic's lien.
Life Estate
An estate in real property for the life of a living person. The estate then reverts back to the grantor or to a third party.
Lis Pendens
Latin for "lawsuit pending." Recorded notice that litigation is pending on a property. Most lenders will require the clearance of the Lis Pendens prior to closing.
Loan Application
A document required by a lender prior to loan approval. The application includes detailed information about the borrower and the property.
Loan origination fee or points
Charge by a lender or broker connected with originating a loan. This is different from discount points which are used to buy down the rate of interest.
Loan to Value Ratio (LTV)
The loan amount divided by the value of the property.
Loan Servicing
The act of collecting loan payments, handling property tax and insurance escrows, foreclosing on defaulted loans and remitting payments to the investors.