Diamond NUMBER1EXPERT USA, Canada Real Estate Directory
Get the Latest Listings Before Anyone Else!
As soon as I list another home for sale, I'll email you. You'll know first.
Name:
Email:
Find Out More >
Search All Local Listings Presentation by Lela Duck Key Properties Key Colony Properties Coco Plum Listings Florida Keys & Ocean Beach Houses Marathon Key Listings Grass Key Listings Shark Key Listings Tropical Breezes Newsletter Short Sales and Foreclosures
Lela, you are the best
If anyone can turn the market down there, it will be you
Mike Pompizzi, Principal
Read Quote >
View All Quotes >
Facebook Linked In YouTube My Blog Trulia Active Rain
Market Conditions Report
The Crossing
Get your copy today

Real Estate Dictionary

Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

L

Land contract

See Contract for deed

Late charge

The penalty a borrower pays when a payment is made after the due date

Lease

A written agreement between the property owner and a tenant that stipulates rent to be paid, as well as the terms under which the tenant may reside in the real estate for a designated period of time

Leasehold estate

The tenant's right to title to a property for a specific period of time whereby the tenant does not actually own the property but has a long-term lease on it

Lease option

A lease that gives the tenant the right to purchase the property, either during the lease term or at its end

Lender's Title Insurance

An insurance policy covering a lender for the loan amount, whereby the coverage declines in amount as the loan is paid off, to the point where there coverage ends when the loan is paid completely

Lessee

The individual or party who takes property upon a lease

Lessor

The individual or party who grants property upon a lease

Liabilities

An individual's financial obligations

Lien

A legal claim or charge allowed to a creditor against a debtor's property that must be paid when the property is sold to transfer title

Life estate

The right to use, occupy and own, for the duration of the life of the individual

Lifetime payment cap, or Lifetime rate cap

The limit on the amount that payments can increase or decrease over the term of an adjustable-rate mortgage (ARM)

Liquid asset

Cash, or an asset that can be readily converted into cash

Liquidated damages

The compensation predetermined by both parties to a contract to be paid to the injured party, should the other party breach the contract

Lis pendens

A legal document filed in either a federal or state court indicating that a suit is pending against property located in the county where the notice is recorded

Listing agreement

A contract by which a broker is employed by the seller to find a buyer for the seller's real estate, according to the seller's terms, and for which service, the broker is paid a commission

Listing broker

A broker whose office initiates the property listing (as opposed to the cooperating broker, whose office negotiates the sale); the listing broker and the cooperating broker may be the same person

Loan origination

The process by which a lender sets up a mortgage loan secured by real property

Loan origination fee

The fee charged by the lender to the borrower for setting up a mortgage loan, usually computed as a percentage of the total mortgage amount

Loan-to-value (LTV) percentage

The proportion of the amount of the mortgage loan against the appraised value or sales price of the piece of property being pledged as collateral; e.g., a home with appraised value of $100,000 but with a $90,000 mortgage has a LTC of 90 percent

Lock-in

A guaranteed interest rate established at the time of closing which is honored if the mortgage closes within a certain period of time, also usually establishing the number of points to be paid at closing as well

Lock-in period

The time period during which the set interest rate is guaranteed to the borrower

Loss Payable Clause

A provision in an insurance policy that provides payment for any loss to two or more parties, as their interest so justifies, the two parties typically being the owner and the lender

Lot

A parcel of land with fixed boundaries as determined by a survey

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



Did I Miss the Word YOU Are Looking For? 

Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. 

Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. 

Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly... 

About You
* Your Name:
* Your Email Address:
Your Street Address:
City:
State/Province:
Country:
Zip/Postal Code:
Phone:

Additional Info
Ask Your
Question Here!
Send Latest Listings: What is this?
Send Latest News: What is this?

*Please note that fields marked with an asterisk are required.


Email With Confidence
Quick Response Guarantee >
Your Privacy Is Guaranteed >
Free & Without Obligation >


School Reports in Marathon, Duck Key, Key Colony Beach and Islamorada, Florida
"A model of how the Internet can facilitate the process of deciding where to send your children to school"
- America's Best School Profiles by
The Heritage Foundation

Florida Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.
  Schools in Marathon, Duck Key, Key Colony Beach and Islamorada 



Real Estate Trivia
Q 
What is considered one of the key elements of the American dream?

A 
Home ownership is considered to a key to the American dream; more than 2 million first-time buyers bought property last year.
See More Real Estate Trivia >

Print This Page Send To A Friend

Lela Ashkarian, REALTOR®, real estate agent and broker for Marathon, Duck Key, Key Colony Beach and Islamorada, Florida home listings, property and land for sale

'Lela' Ashkarian P.A. CRS, e-PRO. GRI
Coldwell Banker Schmitt Real Estate

11050 Overseas Highway
Marathon, FL. 33050
Direct: 305-395-0814
Mobile: 305-395-0814
Toll Free: 800-366-5181 ext 6492
eFax: 305-946-7771
Voice Mail: 800-366-5181 ext 6492
Email: lela@coldwellbanker.com
Email: lelasells@bellsouth.net
email: 395.0814@305.ac

My purpose is to help buyers and sellers Making Their Dream a Reality! To Live and Work in a prosperous environment in The Heart of Florida Keys and Key West that encourages productivity, to that we may improve the service we render to our family, friends, company, our community, our nation and, ultimately, the World. By The Way! Why is that immigrants to the United States succeed and become self-made millionaires at four times the rate of native-born Americans on a per-capita basis? and the simplest reason of all, aside from the fact that they had to have more ambition to leave their home to come here, is that they come here with a blank slate...is they come here, and they say, "Now, I'm starting all over from nothing." Many of them come here penniless, with no friends, no contacts, no ability to speak English. They have no education. They have no background. they start with nothing but a blank slate. and what they do is they say, "Now, I'm in the land of dreams. What is my dream?" (Brian Tracy). Does this resonate with you? it does with me! Now what is your dream? Thank You. Lela p.s. People don't mind trading information for good value. Please feel free to leave your email and phone number where I can communicate with you effectively.

CRS ePro GRI Equal Housing MLS REALTOR CRS RELO


www.myhomesinthekeys.com is brought to you by Lela Ashkarian
NUMBER1EXPERT in real estate for Marathon, Duck Key, Key Colony Beach and Islamorada, Florida

Read Lela Ashkarian's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge



USA and Canada Real Estate - NUMBER1EXPERT
NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.