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L

Land Contract

An agreement between the seller and the buyer where the title is withheld until a time where the required payments have been completed.

Leasehold Estate

A kind of real estate ownership where the lessor does not hold title to the property but has use of the property subject to the terms of the lease.

Legal Description

A method of geographically locating a piece or parcel of land, which is acceptable in a court of law.

LIBOR London InterBank Offered Rate

LIBOR is the base interest rate paid on deposits between banks in the Eurodollar market.

Lien

A claim upon a piece of property for the payment or satisfaction of a debt or obligation.

Loan-To-Value Ratio

The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. (LTV)