| LAND CONTRACT | See, CONTRACT FOR DEED. |
| LANDMARK | Any conspicuous object that helps establish land boundaries. |
| LATE CHARGE | The penalty a borrower must pay when a payment is made after the due date. |
| LEASE | A grant of the use of lands for a term of years in consideration of the payment of a monthly or annual rental. |
| LENDER'S POLICY | See Mortgagee's Policy below. |
| LESSEE | One who takes lands upon a lease. |
| LESSOR | One who grants lands under a lease. |
| LIEN | A legal claim against a property that must be paid when the property is sold. |
| LIFE ESTATE | The right to use, occupy and own for the life of an individual. Compare, Fee Simple. |
| LIFETIME CAP | A provision of an A.R.M. that limits the total increase in interest rates over the life of the loan. |
| LINK | A term of land measurement being 1/100th of a chain or 66/100ths of a foot. |
| LIQUIDATED DAMAGES | Compensation paid to the seller if the buyer fails to complete the purchase even though all contingencies have been satisfied. For example, the seller may keep the buyer's earnest money in the event the buyer defaults on the contract. |
| LIS PENDENS | A notice recorded in the official records of a county to indicate that a suit is pending affecting the lands where the notice is recorded. |
| LOAN APPLICATION | A document containing detailed information about the borrower and co-borrower that is required for a loan to be issued. |
| LOAN-TO-VALUE RATIO (LTV) | The total loan amount divided by the value of the house. |
| LOCK-IN | An assurance of a given interest rate at the time of settlement. For example, if the interest rate is at 7.5% when you apply for a loan, it may have risen (or fallen) by the time the loan is approved. A lock-in ensures that you will get the original interest. |
| LOCK-IN-RATE | A commitment from the lender tom make a loan at a pre-set interest rate at some future date, usually for not more than 90 days. A fee may be charged to "Lock-In" that particular rate. Margin--The set percentage the lender adds to the index rate to determi |
| LOSS PAYABLE CLAUSE | Provision added to a Fire and Casualty Policy which says any loss will be paid to two or more parties as their interest may appear. Usually the owner and the mortgage lender. |
| LOT | A measured parcel of land having fixed boundaries. |
| LUMP SUM PAYMENT | A sum of money paid at one time, as opposed to spreading payments over a period of time. |
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