| Landscape |
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| A home's surroundings can range from a shrub-studded emerald lawn to a native-plant xeriscape. It is a major component of curb appeal. |
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| Landscape architect |
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| A professional who holds a degree in landscape architecture, which involves training in horticulture, landscape design and planning. |
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| Landscape contractor |
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| A professional who carries out the plans of a landscape architect or a landscape designer. |
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| Landscape designer |
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| A landscape designer has training in horticulture and landscape planning, but does not necessarily hold a degree. |
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| Late charge |
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| A fee a lender imposes on a borrower when the borrower does not make a payment on time. |
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| Late payment |
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| A payment a lender receives after the due date has passed. |
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| Latent defect |
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| An invisible problem in a piece of property such as bad wiring, termite damage or lead paint. |
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| Lead |
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| A metallic chemical element present in older dwellings, primarily in the form of lead-based paint and lead plumbing. Exposure to lead has been found to be a health risk. |
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| Lease |
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| A binding agreement that contains the terms and conditions of a renter's occupancy. |
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| Lease option |
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| A lease that contains the right to purchase the property for a specific price within a certain time frame. |
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| Leasehold estate |
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| An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease. |
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| Legal blemish |
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| Blemishes on a piece of property, such as a zoning violation or fraudulent title claim. |
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| Legal description |
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| A specific way of identifying and locating a piece of real estate that is acceptable to a court. |
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| Lender |
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| A bank, savings institution or mortgage company that offers home loans. |
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| Letter of intent |
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| A formal statement that the buyer intends to purchase the property for a certain price on a certain date. |
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| Leverage |
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| The use of a small amount of cash--a 5 percent or 10 percent down payment--to buy a piece of property. |
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| Liabilities |
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| A borrower's debts and financial obligations. |
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| Liability insurance |
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| A policy that protects owners against any claims of negligence, personal injury or property damage. |
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| Lien |
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| A claim laid by one person or company on the property of another as security for money owed. |
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| Life cap |
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| A limit on the amount that a loan rate can move during the term of the mortgage. For example, the rate on an adjustable-rate mortgage that begins at 5 percent and has a lifetime cap of 6 percentage points cannot rise above 11 percent, even if rates on fix |
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| Life-cycle cost analysis |
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| An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect. |
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| Limited partnership |
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| Real estate syndicates and other investment groups use this type of ownership.. A general partner makes the group's investment decisions, oversees the investment and is principally liable for any losses. |
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| Lintel |
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| A horizontal piece over a door or window that carries the weight of the structure above it. |
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| Liquid assets |
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| Cash and all other assets that can be converted to cash relatively quickly. Liquid assets can include money in savings and checking accounts, money-market accounts, and most certificates of deposit. |
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| Liquidated damages |
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| When a real estate deal goes awry, one party often is entitled to liquidated damages, a sum of money set out in the purchase contract in that event. |
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| Listing |
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| A piece of property placed on the market by a listing agent. |
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| Listing inventories |
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| The known number of houses for sale within a given market. |
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| Live-in partnership |
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| An arrangement in which two unrelated people purchase a home. |
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| Live-work space |
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| An officially designated dwelling in which the occupant conducts a home-based business or enterprise. |
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| Load-bearing wall |
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| A wall that supports not only its own weight, but the weight of other parts of a home. Also called a bearing wall. |
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| Loan -to-value ratio |
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| A technical measure used by lenders to assess the relationship of the loan amount to the value of the property |
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| Loan application |
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| The first step toward submitting a home loan requires the borrower to itemize basic financial information. |
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| Loan application fee |
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| A fee charged by lenders to for making a loan application. |
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| Loan commitment |
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| A promise by a lender or other financial institution to make or insure a loan for a specified amount and on specific terms. |
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| Loan officer |
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| An official representative of a lending institution who is empowered to act on behalf of the lender within certain limits. |
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| Loan origination fee |
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| Most lenders charge borrowers an origination fee--or points--for processing a loan. A point is 1 percent of the total loan amount. |
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| Loan processing fee |
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| A fee charged by some lenders for gathering information to enable the lender to process the loan. |
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| Loan term |
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| The amount of a time set by the lender for a buyer to pay a mortgage. Most conventional loans have 30-year or 15-year terms. |
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| Lock-in |
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| When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the lock-in is in effect. |
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| Loft |
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| A living space not partitioned into rooms or a small space built above a larger room. |
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| Log cabin |
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| Homes constructed of rough-hewn timbers and a standard housing form in the early European settlement of the U.S. |
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| Low density |
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| A low concentration of housing units in a specific area. |
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| Low-ball offer |
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| An offer made to a seller that is substantially below market value. The longer a property stays on the market, the more likely there are to be such offers. |
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| Low-documentation loan |
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| A mortgage that requires only minimal verification of income and assets. |
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| Low-down-payment loan |
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| A home loan that requires the borrower to make only a small down payment before obtaining the financing needed to purchase a house. |
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