Real Estate Glossary


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Lease
Contract that conveys the right to use property for a period of time in return for a consideration, usually rent, paid to the property owner.

Lease-purchase option
Opportunity to purchase a piece of property by renting for a specified period, with the provision that the lessee may choose to buy after or during the leasing period at a predetermined sale price.

Lessee
Someone who rents under a lease; the tenant.

Lessor
Someone who rents to another party through a lease; the landlord.

License
A privilege or right granted to a person by a state to operate as a real estate broker or salesperson.

Lien
A debt on a property which encumbers it until the obligation is paid; a mortgage, back taxes, or other claim.

Listing
Contract used for hiring a real estate agent to sell a piece of property. Also a piece of property that is for sale.

Loan origination fee
Paid by the borrower to get a loan; it covers expenses incurred by the lender, such as the cost of the appraisal, credit report, title search, etc.

Loan servicing
Task of collecting monthly payments, handling insurance and tax impounds, delinquencies, early payoffs, and mortgage releases.

Loan-to-value ratio
Relationship of a mortgage loan to the appraised value of a piece of property. Usually expressed to the buyer in terms of how much the lender will lend, i.e. 75 percent financing.



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