Glossary in letter l

Laminate

A material used to seal countertops usually made out of plastic.

Lanai

A porch-like room or open-sided living room found in warm climate homes.

Landscape

A homes surroundings ranging from a shrub-studded emerald lawn to a native-plant xeriscape.

Landscape architect

A professional who holds a degree in landscape architecture and is trained in horticulture, design, and planning.

Landscape contractor

A professional who carries out the plans of a landscape architect.

Landscape designer

A landscape designer professionalizes in horticulture and landscape planning, but does not necessarily hold an educational degree.

Lap siding

A type of siding composed of horizontal boards with the bottom of one piece overlapping the top of the piece below it.

Late charge

A fee charged by a lender when the borrower does not make a payment on time.

Late payment

A received payment the due date has passed.

Latent defect

An invisible problem in a piece of property such as bad wiring, termite damage, or lead paint.

Lead

A metallic chemical element mostly found in older dwellings, primarily in the form of lead-based paint and lead plumbing. Exposure to lead has been found to be toxic.

Lease

A binding agreement that contains the terms and conditions of a renters occupancy.

Lease option

A lease that contains the right to purchase the property for a specific price within a certain time frame.

Lease purchase

A delayed closing whereby the lease purchase contract sets the closing date and provides remedies to the seller if the buyer defaults.

Leasehold

The limited interest in a property held by a tenant; primarily the right to inhabit it for a specified period of time. At the end of the lease, the property reverts to the owner or landlord.

Leasehold estate

An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease.

Leasehold interest

The limited interest in a property held by a tenant; primarily the right to inhabit it for a specified period of time.

Legal blemish

Blemishes on a piece of property, such as a zoning violation or fraudulent title claim./dd>

legal description

A specific way of identifying a piece of real estate that is acceptable to a court.

Lender

A bank, savings institution, or mortgage company that offers home loans.

Lessee

A person to whom property is rented under a lease.

Lessor

A person who rents property to another under a lease.

Letter of intent

A formal statement that the buyer intends to purchase the property for a certain price on a certain date.

Leverage

The use of a small amount of cash or a portion of the total amount to buy a piece of property.

Liabilities

A borrowers debts and financial obligations.