New Homes Agents

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 ---

loan-to-value ratio.

the surface of the earth; any part of the surface of the earth

the activity of purchasing land that is not presently needed for use.

a real estate installment selling arrangement whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller (so no title Passes) until all or a specified part of the sale price has been paid. Same as contract for deed and installment land contract

the branch of economics that concentrates upon the economic attributes of land and the economics of agriculture.

only the ground is covered by the lease.

in appraisal, a method of estimating the value of land when given the net operating income (NOI) and value of improvements. Used for feasibility analysis and highest and best use.
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the sale of land and simultaneous leasing of it by the seller, who becomes the tenant.

a measure of the extent to which a land parcel is developed in conformity with zoning ordinances.

an activity, generally conducted by a local government, that provides public and private land use recommendations consistent with community policies. Generally used to guide decisions on zoning.

government ordinances, codes, and permit requirements intended to make the private use of land and natural resources conform to policy standards.

a change in the predominant use of a neighborhood or area over time.

a phrase used in early English law to express all sorts of real estate.

a ratio of relative values of the land to improvements. Contrast with improvement ratio.
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the condition of a lot that has no access to a public thoroughfare except through an adjacent lot. Compare with easement, right-of-way.

one who rents property to another; a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of rent.

a fixed object serving as a boundary mark for a tract of land. Same as monument

a professional who designs building sites, subdivisions, and other projects which require work on drainage, grading, vegetation, installation of utilities and site improvements.

undue delay or negligence in asserting one's legal rights, possibly leading to estoppel of negligent party suit

a fee added to a bill after the expiration of a specific grace period. Such payments are intended to encourage timely payment of the bill.

flaws that are hidden but are apt to surface later.
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a contract in which, for a payment called rent, the one entitled to the possession of real property (lessor) transfers those rights to another (lessee) for a specified period of time.

a lease that gives the lessee (tenant) the right to purchase the property at an agreed-upon price under certain conditions.

the landlord's ownership interest of a property that is under lease.

the interest or estate on which a lessee (tenant) of real estate has a lease.

fixtures attached to real estate that are generally acquired or installed by the tenant. Upon expiration of the lease, the tenant can generally remove them, provided such action does not damage the property nor conflict with the lease.

a lien on the tenant's interest in real estate.

the value of a tenant's interest in a lease, especially when the rent is below market and the lease has a long remaining term.
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the official standard of maturity upon which one is held legally responsible for one's acts. Contracts for the sale or lease of real estate by a minor are voidable by the minor.

legally acceptable identification of real estate by one of the following: * the government rectangular survey * metes and bounds * recorded plat (lot and block number)

the name one has for official purposes.

notification of others using the method required by law.

generally one's permanent home.

a collection of rights of ownership that are defined or recognized by law or that could be successfully defended in a court of law.

one who receives property by will.
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an estate in land that has a predetermined time span; most commonly a leasehold.

a person to whom property is rented under a lease. A tenant. Compare with lessor. .

one who rents property to another under a lease. A landlord. Compare with lessee.

to rent a property to a tenant.

official notification to a borrower of the lender's intent to grant a loan. Generally specifies the terms of the loan and sets a date for the closing.

an arrangement, with specified conditions, whereby a bank agrees to substitute its credit for a customer's.

the expression of a desire to enter into a contract without actually doing so.
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requires the same payment each month (or other period) for full amortization.

use of borrowed funds to increase purchasing power and, ideally, to increase the profitability of an investment.

to legally impose or collect that which is due.

1. a debt or financial obligation. Contrast with asset. 2. a potential loss.

protection for a property owner from claims arising from injuries or damage to other people or property.

responsible or obligated. Contrast with exculpatory clause and nonrecourse

London Interbank Offered Rate. The rate that international banks dealing in Eurodollars charge each other for large loans. Some domestic banks use this rate as an index for adjustable rate mortgages.
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1. permission. 2. a right granted by a state to an individual to operate as a real estate broker or salesperson.

laws that govern the activities of real estate salespersons.

generally an appraiser who meets certain state requirements, but lacks the experience or expertise of a certified appraiser.

one who holds a real estate license; a licensed salesperson or broker.

a written test given to a prospective real estate broker or salesperson to determine ability to represent the public in a real estate transaction. Most states offer examinations on at least 5 dates each year.

a charge against property making it security for the payment of a debt, judgment, mortgage, or taxes; it is a type of encumbrance. A specific lien is against certain property only. A general lien is against all of the property owned by the debtor.

a lien that will be paid after earlier liens have been paid.
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states whose laws give a lien on property to secure debt. Contrasted with title theory states in which the lender becomes the title owner. In either case the borrower has the right to use and enjoy the property in the absence of default; in the event of default, lenders may foreclose.

one who holds, or benefits from, a lien.

a freehold interest (in real property) that expires upon the death of the owner or some other specified person (pur autre vie).

a contractual limitation on the maximum interest rate that can be applied to an adjustable rate mortgage during the term of the loan.

one who is allowed to use property for life or the lifetime of another designated person..

property having the same nature.

the restriction of one's potential losses to the amount invested. The absence of personal liability
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one in which there is at least one partner who is passive and limits liability to the amount invested, and at least one partner whose liability extends beyond monetary investment.

an organization that offers real estate education, especially appraisal courses.

an agreement whereby a financial institution promises to lend up to a certain amount without the need to file another application.

a measure of one foot, in a straight line, along the ground.

1. to dissolve a business. . 2. to retire debts.

an amount agreed upon in a contract that one party will pay the other in the event of a breach of the contract

ease of converting assets to cash.
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Latin: "suit pending." Recorded notice of the filing of a suit, the outcome of which may affect title to a certain land.

to obtain a listing.

1. a written engagement contract between a principal and an agent, authorizing the agent to perform services for the principal involving the latter’s property. 2. a record of property for sale by a broker who has been authorized by the owner to sell. 3. the property so listed.

(AGENT) the licensed real estate broker (agent) who secures a listing of the property. Contrast with selling broker (agent).

the act of carrying on a lawsuit.

part of the shore zone of a large body of water. Compare with riparian rights.

document required by a lender prior to issuing a loan commitment. The application generally includes the following information: I - name of the borrower 2. amount and terms of the loan 3. description of the subject property to be mortgaged 4. borrower's financial and employment data
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a charge required by a loan originator to be paid by the borrower to cover the credit report, property appraisal and other incidental expenses associated with underwriting the loan. The fee is generally not refundable.

an agreement to lend money, generally of a specified amount, at specified terms at some time in the future.

same as mortgage constant

same as debt coverage ratio.

the collection of documents associated with a specific loan application.

the portion of the amount borrowed compared to the cost or value of the property purchased.

the "three most important things about real estate"; a popular statement that emphasizes the importance of location with respect to the value of urban real estate.
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the rate promised by a lender at the time of loan application. The promise is a legal commitment of the lender, though there may be qualifications or contingencies that allow the lender to charge a higher rate. On home loans, the lock-in is customarily provided for 1% of the amount borrowed, though often it is free-e of charge. On income property loans, a lock-in generally requires a commitment fee from the loan applicant.

an early-American-style house of unfinished logs.

for income tax purposes, the gain on a capital asset held long enough to qualify for special tax considerations. Note: The highest rate for individuals in 1991 and thereafter for long-term capital gains is 28%.

same as permanent mortgage.

generally, a commercial lease of 5 years or longer, or a residential lease longer than I year.

a method of locating a parcel of land.

a line bounding a lot as described in a property survey.
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an offer from a prospective property buyer that is much lower than the listing price. Such an offer may indicate the buyer’s belief that the property will not attract many good offers and the asking price is unrealistic

housing that is eligible for special tax credits of up to 9% of their cost (4% in certain situations) under the 1986 tax act - Strict rules must be followed concerning tenant qualification, certification, and project financing.

loan-to-value ratio.