Late Charge: A financial penalty for delayed payment of an installment amount.
Lease: An agreement where property can be used in exchange for rent for specific periods of time.
Licensee: A real estate professional licensed by the appropriate state agency. There are different classes of licensees: Broker, Broker Salesperson, Salesperson. Others may exist in different states.
LIDS: Local Improvement District. This is a form of property tax that may have been created to pay for certain improvements such as roads, fire hydrants, sewer systems or other public works. Each house is generally accessed a certain amount and once paid off, there is no future fees.
Lien: Security in the form of a legal claim or hold on property.
Lis Pendens: A Lis Pendens is a written notification filed with a clerk of courts, giving notice to a property owner that a lawsuit has been filed concerning the title to the property.
Listing: A term referring to a property on the market.
List Date: Precise date a property is listed with a broker.
Listing Appointment: The meeting of a real estate agent and a property owner to determine which real estate agent the owner will list with.
Loan Commitment: A written promise to grant a loan amount with binding terms.
Loan Origination Fee: A one-time cost to obtain a loan, usually equivalent to 1% of the loan amount.
Loan Policy: A title insurance policy insuring the mortgage lender against title defects.
Loan Underwriter: The party binding itself to contribute a sum of money in support of another’s loan.
Loan-to-Value Ratio: The interrelationship between the property value and the loan amount.
Lockbox: A container for storing keys to a property that is secured by a lock, located on the premises.