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.