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Glossary of terms used on this site

There are 202 entries in this glossary.
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Term Definition
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.

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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