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Land Sale Contract
A document that may be used to sell real property that transfers ownership rights but does not actually transfer
title.
Late Payments
Payments that are made past their due dates according to the loan documents.
Lease With Option To Buy
An arrangement in which the owner of a property rents it to a tenant, but gives the tenant the right to purchase the
property on agreed terms.
Lender Approval
A lender's agreement to allow an assumption after its review of a borrower's creditworthiness and income. Lender
approval can also apply to an initial loan.
Lender Liability
The legal doctrine that holds lenders legally responsible to pay damages for legal misdeeds committed against
borrowers in the course of making loans.
Liability
The obligation to pay a debt.
Lien
The right to force the sale of property to pay a debt.
Leniency Clause
A provision allowing the lender to adjust loan repayments temporarily to accommodate a borrower experiencing
financial problems.
Lienholder
A person or institution that controls a lien.
Life Estate
The conveyance of title to property of the duration of the life of the grantee.
Life Tenant
The holder of a life estate.
Liquidating Plan
A plan by which a borrower repays missed payments to the lender over time.
Liquidation Appraisal
An estimate of the value of property when it is sold quickly in a forced sale. Usually, this figure is lower than fair
market value for a regularly conducted sale.
Lis Pendens
A recorded notice that tells the world that a lawsuit is in progress, the outcome of which could affect the title to a
particular piece of land.
Listing Agreement
The agreement by which a seller hires a real estate broker to sell a house, usually for a commission.
Loan Balance
The amount a borrower owes on a loan.
Loan Default
With property foreclosure, it's failure on part of the borrower to pay their loan installment repayments.
Loan Modification
A procedure in which a loan's terms, such as the interest rate, monthly payment or term, are altered.
Loan Officer
A person paid commissions to find and sign up borrowers for loans.
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Loan Pool
A group of mortgages in which investors own shares.
Loan Processor
The person who gathers and prepares the paperwork used by a lender to decide whether or not a loan should be
made.
Lock-In
Interest rate and points, if there is any, guaranteed by the lender for a specified period of time.
Lot Book Report
A report made by a title company that identifies and encumbrances recorded against a particular property. A lot
book report does not identify liens recorded in the name of the owner that may affect property.
Next Foreclosure Definitions: Margin >> Notice Of Rescission
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