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Real Estate Words Glossary Archive


Loan-to-value ratio

Relationship of a mortgage loan to the appraised value of a piece of property. Usually expressed to the buyer in terms of how much the lender will lend, i.e. - 75 percent financing.


Loan servicing

Task of collecting monthly payments, handling insurance and tax impounds, delinquencies, early payoffs, and mortgage releases.


Loan origination fee

Paid by the borrower to get a loan; it covers expenses incurred by the lender, such as the cost of the appraisal, credit report, title search, etc.


Listing

Contract used for hiring a real estate agent to sell a piece of property. Also a piece of property that is for sale.


Lien

A debt on a property which encumbers it until the obligation is paid; a mortgage, back taxes, or other claim.


License

A privilege or right granted to a person by a state to operate as a real estate broker or salesperson.


Lessor

Someone who rents to another party through a lease; the landlord.


Lessee

Someone who rents under a lease; the tenant.


Lease-purchase option

Opportunity to purchase a piece of property by renting for a specified period, with the provision that the lessee may choose to buy after or during the leasing period at a predetermined sale price.


Lease

Contract that conveys the right to use property for a period of time in return for a consideration, usually rent, paid to the property owner.


Junior mortgage

Any mortgage, such a second or third mortgage on a property, which is subordinate to the first one in priority.


Judgment

Court decree stating that one person is indebted to another. Also specifies the amount of the debt.


Interim financing

Short-term loan usually made during the construction phase of a building project or until a permanent, long-term loan can be obtained. Also called a construction loan.


Interest

A fee paid for the use of money; also a share or right in something.


Installment payment

Periodic payment, usually monthly, of interest and principal on a mortgage or other loan.