Real Estate Glossary

Letter L

Labor(1) Work as opposed to materials. (2) A land measure of 177 1/7 acres. Used in Mexico.

LachesAn equitable doctrine used by the courts to bar a legal claim or prevent the assertion of a right because of undue delay, negligence, or failure to assert the claim or right.

Laissez-FaireLeave alone, let proceed. French expression made popular by Adam Smith, and used to describe a theory that free trade promotes a better business climate than government controls.

Lally ColumnsLoad-bearing steel columns, which are filled with concrete (lally).

Lallytm ColumnsSteel support columns filled with concrete.

LaminateThe word means both to split into thin layers and to combine thin layers, as well as to cover with a thin layer.

Laminated WoodWood such as plywood, which is constructed in sheets, or veneered wood, such as cheaper softwood, covered with a layer of more expensive hardwood, and glued together.

LandThe earth's surface extending downward to the center of the earth and upward infinitely into space.

Land BankAn accumulation of land held for future use.

Land CertificateA certificate given by the federal government enabling one to obtain land by following certain registration processes. Used in the late 1800's.

Land ContractAn installment contract for the sale of land. The seller (vendor) has legal title until paid in full. The buyer (vendee) has equitable title during the contract term.

Land Development LoanA loan secured by a mortgage or deed of trust to prepare raw land for construction of structures. (See: Manufactured Lot).

Land GrantA gift of public land by the federal government to a state or local government, corporation, or individual.

Landing(1) A place for loading and unloading people or cargo from a boat, train, etc. (2) A flat surface adjoining a staircase at the top, bottom, or between flights.

Land LeaseLease in which a tenant leases unimproved land on a long-term basis.

Land LoanA loan with collateral security of unimproved land. Usually the loan to value ratio is less than on improved land.

Landlocked ParcelA parcel of land surrounded entirely by privately owned land, with no access to a public right of way (road). Condemnation for a limited access highway is a major cause of such parcels.

Landlocked Property1. Land without access to a road or highway. 2. Land not beside water.

LandlordAn owner of leased real estate.

Landlord's WarrantA warrant enabling a landlord to levy upon a tenant's personal property (furniture, etc.) and to sell this property at a public sale to collect delinquent rent.

LandmarkOriginally, a monument on a boundary line. Modernly, boundary lines are usually established by walls or fences, and these are the landmarks.

Landmarks Preservation Commission (LPC)The New York City agency responsible for identifying and designating the city's landmarks.

Landowner's RoyaltyIn oil and gas leases, the portion of the value of each barrel of oil which goes to the property owner.

Land PatentSee: Patent.

Land-PoorBeing short of money because of owning an excess of property which does not produce income.

Land ReclamationGiving land a higher (more commercial) use by physically changing it (drainage, irrigation, fill, etc.).

Land Residual TechniqueAn appraisal technique by which land value is determined by first determining the net return attributable to the building only; and deducting it from the total return to the property (may be estimated), the residual amount is capitalized to find the land value. The building value may be determined by construction costs (new building), depreciated construction costs (if only a few years old), or estimated present construction costs (if an older building).

LandscapeA picture or single view of inland scenery. In real estate terms, the surroundings of a structure which provide the setting for that structure. To landscape is to modify the natural setting.

Landscape ArchitectOne who, as a profession, plans and designs landscaping. Colleges now offer a degree as a landscape architect.

Landscape ArchitectureThe designing and planning of landscaping by a landscape architect.

LandscapingThe act of modifying a landscape, or features used in such modifications, such as trees, lawns, grade changes, etc.

Land-Service RoadAn access road between parcels of land and another public road or highway.

Land, Tenements, And HereditamentsOriginally used to describe freehold estates only, it has come to mean the most technical and all-inclusive description of real estate.

Land Use ControlsPublic or private restrictions on how land may be used (e.g., zoning).

Land Use MapA map of a given area, showing the different land uses in the area.

Land Use PlanningThe development of long range plans for the use of land in a given area, such as through zoning plans.

Land Use RegulationA general term encompassing any regulation of land, whether public (zoning) or private (restrictive covenants).

Land Value MapAn appraisal map showing the value of property in given areas, either in acres, square footage, or front footage.

Land WarrantSee: Warrant.

Lap JointThe connection (joint) formed by overlapping two ends or edges and attaching them together.

Lap SidingA siding applied in a similar manner to clapboard siding, but utilizing longer boards, usually of better quality.

Larger ParcelA term used in eminent domain proceedings, signifying that the parcel taken is not a complete parcel but part of a "larger parcel"; the owner, therefore, is entitled to damages from the severance as well as the value of the parcel taken. Unity of ownership use, and contiguity must be present, although federal courts and some states do not require contiguity where there is a strong unity of use.

Late ChargeA penalty for failure to pay an installment payment on time. Usually not allowed as interest for tax deductions. May or may not be included as usury. If not, the amount of late charge is either set by statute or must be "reasonable".

Latent DefectA hidden or concealed defect. One which could not be discovered by inspection, using reasonable care. In legal descriptions, a latent defect may be corrected, and a totally new description not necessary.

LateralProceeding from, situated at, directed to, or pertaining to a side. A line branching from a main line (such as a sewer line) is called a lateral line. See also: Lateral Support.

Lateral SupportThe right of a landowner to the natural support of his land by adjoining land. The adjoining owner has the duty not to change his land (such as lowering it) so as to cause this support to be weakened or removed. See also: Subjacent Support.

LathThe support upon which wet plaster is spread. May be metal (usually a course wire screen) or a solid, cement-like substance (called rock lath).

LatitudeNorth-South distance above a meridian as measured from the equator.

LaundromatA business which provides, at its location, laundry equipment (coin operated) for self service use by the public.

Lavatory(1) A basin or sink for washing one's hands and face. (2) A room containing a sink and toilet.

Law Day(1) The day (date) in a note, mortgage, etc., when the debt is to be paid. (2) A holiday honoring the law and legal profession.

Lawful ObjectiveA legal purpose.

Layout(1) The arrangement or plan of any given area, such as the rooms within a structure. (2) The plans (drawings) showing the arrangement of a given area.

LeachingRemoval of liquid waste material from sewage by filtration through sand, gravel, tiles, stones, etc.

Leaching TrenchesDucts, either dug in ground having filtration qualities (gravel, sand, etc.), or in which filtration materials are placed to remove the liquid waste from sewage.

LeadA toxic metallic element found in paint, dust, water, and the ground.

Lead AgencyThe agency under the State Environmental Quality Review Act principally responsible for determining whether an environmental impact statement is required in connection with the action and for the preparation and filing of the statement if required.

LeaderThe metal conduit carrying rainwater from a roof to a sewer or the ground.

Lean-To(1) A shed, abutting the wall of another structure, with three walls and a sloping roof. (2) A free standing structure of three walls and a sloping roof, the open side of which is sheltered from the prevailing winds. Used as a camping shelter.

LeasebackSee: Sale-Leaseback.

Leased FeeThe lessor's interest in the property.

Lease Escalation ClauseClause that allows landlords to raise rent to protect their margin of profit and, in some cases, prevent the erosion of their expected return due to inflation.

LeaseholdAn estate in realty held under a lease; an estate for a fixed term. Considered in many states to be personal property.

Leasehold ImprovementsImprovements made by the lessee. The term is used in condemnation proceedings to determine the portion of the award to which the lessee is entitled. See also: Tenant Improvements.

Leasehold InterestThe interest which the lessee has in the value of the lease itself in condemnation award determination. The difference between the total remaining rent under the lease, and the rent lessee would currently pay for similar space for the same time period.

Leasehold LoanA loan secured by the lessee's interest in the property.

Leasehold ValueThe value of a leasehold interest. Usually applied to a long term lease when market rental for similar space is higher than rent paid under the lease. Some states allow the lessee to claim the leasehold value against the landlord in eminent domain proceedings, unless specifically prohibited by the lease itself. Other states, by statute, do not allow for such a claim. See also: "No Bonus" Clause.

Lease/optionWhen a seller leases property to someone for a specific term with an option to buy the property at a predetermined price during the lease term, usually with a portion of the lease payments applied to the purchase price.

Lease-Purchase AgreementSee: Lease with Option to Purchase.

Lease-Purchase Mortgage LoanA financing method allowing a tenant to make payments on a mortgage plus an amount set aside to be used as a down payment for purchase of the property. Usually offered to low income buyers by local governments or community organizations.

Lease With Option To PurchaseA lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period.

LeavesThe panel-like parts of a door, window, table top, etc., which may be removed or moved to a different position by sliding or by hinge attachments.

LegacyA disposition of money or personal property by will.

Legal AgeSee: Majority.

Legality Of ObjectAn element that must be present in a valid contract. If a contract has for its object an act that violates the laws of the United States or the laws of a state to which the parties are subject, it is illegal, invalid, and not recognized by the courts.

Legal NameFirst and last name. Middle name included, omitted or incorrect will not matter. Today full names (for identification purposes) are required in many instances, but only for identification purposes (to distinguish between two men named John Smith, for example).

Legal NoticeThe notice required by law in a particular case. May be actual notice, constructive notice, etc.

Legal OwnerThe term has come to be used as a technical difference from the equitable owner, and not as opposed to an illegal owner. The legal owner has title to the property, although the title may actually carry no rights to the property other than a lien.

Legal Rate Of InterestA rate of interest established by law, rather than by agreement (contract).

Legal RemedyMoney awarded to the plaintiff in a civil lawsuit; damages. Also called: Remedy or Common Law Remedy. Compare: Equitable Remedy.

Legal TitleUsually title without ownership rights, such as the title placed in a trustee under a deed or trust, or the title in a vendor under a land contract.

Legatee(1) One who receives personal property by will. (2) One receiving any property by will, real or personal.

Lender's Loss Payable ClauseSee: Loss Payable Clause.

Lender's PolicySee: Loan Policy.

LesseeThe tenant who leases a property.

Lessee's InterestIn appraising the value of a lessee's interest to determine the value of a potential sublease of assignment (sale) of the lease, the value is the market value of the property, less the interest of the lessor. The lessor's interest would be largely determined by the ratio of the return on the lease to the market value without the lease.

LessorOne who leases property to a tenant

Lessor's InterestThe present value of the future income under the lease, plus the present value of the property after the lease expires (reversion).

Letter AppraisalA brief report giving only conclusions, as opposed to a narrative report detailing how the conclusions were reached.

Letter Of AttornmentA letter from a grantor to a tenant, stating that the property has been sold, and directing rent to be paid to the grantee (new owner).

Letter Of CreditA letter, usually from a bank, requesting a person or company to extend credit to a certain person or company, and guarantying payment. Most commonly used in the purchase of goods from another country. The letter may be revocable or irrevocable, but most parties insist on the irrevocable.

Letter Of IntentA formal method of stating that a prospective developer, buyer, or lessee, is interested in property. Not an offer and creates no obligation. However, a builder who wants to build an office building, for example, may influence a lender by showing letters of intent from major prospective tenants.

Letter Of OpinionA letter accompanying the abstract of title issued by an attorney regarding the status of title to a property.

Letters Of AdministrationA probate court order appointing an administrator.

Letters PatentAn instrument from the government (federal or state) granting land to an individual.

Letters TestamentaryOrder of a probate court granting authority to an executor.

LettingA synonym for leasing.

LeveeAn embankment constructed along a river or stream to prevent flooding.See also: Causeway.

Level Of AssessmentThe ratio of total assessed value to the municipality's total market value

Level PaymentA buydown plan where the interest rate reduction (and hence the payment) is constant throughout the buydown period.

Level Payment LoanSee: Interest Included Note.

LeverageThe use of borrowed money to finance the bulk of an investment.

LevyTo assess, seize, or collect. To levy a tax is to assess a property and set the rate of taxation. To levy an execution is to seize officially the property of a person to satisfy an obligation.

LiabilityA general term encompassing all types of debts and obligations.

LiableObligated, responsible.

LiberThe latin word for book. Used instead of the word book in some states when referring to the book and page of a recorded document.

License1. A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. 2. The revocable permission for a temporary use of land – a personal right that cannot be sold.

Licensee(1) Regarding classifications of people entering upon another's land, a licensee is distinguished from a trespasser, and so has greater legal rights. (2) One who holds a real estate license (a salesperson).

Licensing ActsLaws regulating the granting of real estate licenses. Because these are state laws, the requirements (education, testing, etc.), are not of equal severity. However, generally they are similar, requiring testing and granting exceptions, such as trustees, executors, owners selling property themselves, etc.

Lien PriorityThe order in which liens are paid out of the proceeds of a foreclosure sale. Tax liens always have the highest priority.

Lien TheoryA theory followed in several states that assumes a mortgage has only a lien on the mortgage property, and the mortgagor has legal title. See: Title Theory.

Lien Theory StatesStates in which a mortgagee holds only a lien against property (not actualtitle) until the loan is repaid, and the mortgagor holds the actual title. Compare: Title TheoryStates.

Lien Waiver (Waiver Of Liens)For our purposes, a waiver of mechanic's lien rights, signed by subcontractors so that the owner or general contractor can receive a draw on a construction loan.

LifeThe length of time an improvement will last, either in relation to its physical utility or as an accounting procedure.

Life BeneficiaryOne who receives payments or other rights from a trust for his or her lifetime.

Life EstateAn interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person.

Life Estate Pur Autre VieA life estate “for the life of another,” where the measuring life is someone other than the life tenant. Also called: Pur AutreVie.

Life In BeingThe remaining life of someone already alive. An expression used in rules against perpetuities.

Life InterestAn interest in real estate for a period of the life of the one having the interest, or the life of another.

Life TenantA person in possession of a life estate.

Lifetime Cap/CeilingThe maximum increase or decrease in the periodic payment allowable over the life of an adjustable or variable rate mortgage.

Lifetime Monthly Advance Reverse MortgageMonthly payments to the borrower under this reverse mortgage continue until the borrower's death, even if the borrower sells the mortgaged property. Because the lender's collateral security is lost if the property is sold, the borrower must purchase an annuity at the origination of the loan.

Lifetime Payment CapSee: Payment Cap.

Lifetime Rate CapThe limit (cap) that the interest rate can adjust over the life of an adjustable rate loan.

LightA single window pane, or opening for a single window pane.

Light And Air EasementAn easement restricting the servient tenement from obstructing the light and air (usually the view) of the dominant tenement. For example, a developer builds a resort hotel. He may wish to obtain a light and air easement from adjoining owners so that they may not build tall structures and block the sun from the hotel's swimming pool.

LighterA flat bottomed boat or barge, used to unload ships not at a quay, and for transporting goods within the harbor.

Light IndustryEncompassing most light manufacturing, as opposed to factories which tend to produce heavy pollution (air, water, noise, etc.). A zoning designation.

Light Well(1) An open space around a basement window, the top of which is at ground level. (2) A shaft designed to provide light and ventilation to inside rooms of a building.

Like In Kind PropertyA tax term used in exchanges. Property may be exchanged for like in kind property and the tax postponed. The term does not refer to the physical similarity of the properties but the purpose and intent (investment) of the taxpayer.

Like-Kind PropertyProperty that satisfies the requirements of a 1031 exchange. Most real property can qualify, such as unimproved property for improved property. Section 1031 of the Internal Revenue Code sets out the requirements.

LimeA white powder, formed by burning limestone, used in making bricks, mortar, plaster and similar materials, and for the treatment of sewage, soil, etc.

LimestoneA sedimentary rock, formed mainly from sea shells and coral, and which, when burned, forms lime.

LimingTo apply lime and water to wood (whitewash), limestone to ground, or in other ways apply lime.

Limitation Of ActionThe time in which a law suit may be begun before it is barred by statute. See also: Statute of Limitations.

Limited Access HighwayA highway with access only at spaced intervals, usually by the use of ramps. Abutting property occupants have no access other than at the regular stated intervals. Also called a controlled access highway.

Limited Common AreasAreas in a condominium orco-up owned by all but used by only one owner(i.e., a designated parking space.)

Limited FeeSee: Defeasible Title.

Limited PartnerSee: Limited Partnership.

Limited PartnershipUsed in many real estate syndications; a partnership consisting of one or more general partners who conduct the business and are responsible (liable) for losses, and one or more special (limited) partners, contributing capital and liable only up to the amount contributed.

Limited Warranty DeedA deed in which thegrantor warrants title only against defects arisingduring the time he owned the property andnot against defects arising before that time ofownership. Also called: Special Warranty Deed.Compare: General Warranty Deed.

LinealConcerning a line. A lineal measure is a distance measure rather than an area measure.

Lineal DescendantsA person's children, grandchildren, great-grandchildren, and so on. Liquid When an investment can easily be converted to cash.

Line FenceA fence erected along the property lines of a ranch or farm.

LiningThe covering on the interior of a building, as distinguished from the exterior, or casing.

LinkIn surveying, a length of 7.92 inches.

LinoleumA floor covering used in heavy traffic areas (kitchens, bathrooms, entrances, etc.), made of cork, linseed oil, resins and pigments on a canvas or burlap backing, and applied from a roll. A quality material superior to many "tiles".

LintelA horizontal member spanning above an opening, such as a doorway, and usually bearing the load above it.

Liquid AssetsCash, or assets immediately convertible to cash.

Liquidated DamagesLiquidated damages occur when, by contractual agreement, defaulted earnest money becomes the personal property of the seller.

LiquidationThe settling of financial affairs of a business or individual, by liquidating (turning to cash) all assets for distribution to creditors, heirs, etc.

Liquidation PriceA price paid for property sold to liquidate a debt. Usually less than market value since there is pressure to sell or a forced sale, either of which does not often bring the highest price.

Liquidation SaleAny sale of property to liquidate a defaulted loan secured by the property. This would include a foreclosure sale, trustee's sale and sale to the lender to avoid foreclosure. See: Deed In Lieu Of Foreclosure.

Liquidation ValueSee: Liquidation Price.

LiquidityThe ability to sell an asset and convert it into cash at a price close to its true value.

Lis PendensA public notice that a lawsuit affecting title to or possession, use, and enjoyment of a parcel of real estate has been filed in either a state or federal court.

ListingAn agreement between an owner of real property and a real estate agent, whereby the agent agrees to secure a buyer or tenant for specific property at a certain price and terms in return for a fee or commission.

Listing AgentA real estate agent obtaining a listing (see which), as opposed to the selling agent.

Listing AgreementA contract between a landowner (as principal) and a licensed real estate broker (as agent) by which the broker is employed as agent to list and sell real estate on the owner's terms within a given time, for which service the landowner agrees to pay a commission.

Listing BrokerThe broker in a multiple-listing situation from whose office a listing agreement is initiated, as opposed to the selling broker, from whose office negotiations leading to a sale are initiated. The listing broker and the selling broker may, of course, be the same person.

Listing Saving (or Saving's) ClauseA clause in a listing agreement by which the principal (seller) agrees to pay the agent (broker) a commission for a sale of the property for a specified time after the listing has expired. The agent must have offered the property to the buyers during the listing period. The agent registers the potential buyers with the seller during the listing period.

Literage LimitsArea in a harbor which is serviced by lighters on a regular basis and standard charge.

Liter (litre)A metric measure of volume, equal to 61.02 cubic inches (slightly more than one quart) liquid measure.

LitigantA party to a lawsuit; a plaintiff or defendant.

LitigationLawsuit(s).

LittoralConcerning the shore of lakes and oceans, as opposed to rivers and streams, for which the word riparian is used.

Littoral Rights1. A landowner's claim to use water in large lakes and oceans adjacent to her or his property. 2. The ownership rights to land bordering these bodies of water up to the high-water mark.

LivabilityMinimum standards set by local government for the quality of residential structures (especially rental units).

LiveHaving force or containing energy, such as a live volcano (one capable of eruption), live wire (one carrying electric current), etc.

Live Load(1) Variable weight in a building, such as furniture and people, as opposed to the fixed weight of a building itself (dead load). (2) The weight of cargo in a truck which is taxed by weight. (3) The weight of traffic over a bridge.

Living TrustA trust which is in effect during the life of the settlor, rather than upon his death (testamentary trust).

Load(1) A weight carried or supported by something, such as supported by "load-bearing" members of a building, or the weight carried in a ship, truck, etc. (2) The power of an electrical charge.

Load-BearingSupporting weight in addition to its own vertically, or supporting pressure laterally.

Load-Bearing WallSee: Bearing Wall.

Loan ApplicationThe form on which the borrower supplies the lender's required information to determine if the applicant is qualified to receive a loan. It normally identifies the property involved and details the applicant's income, expenses and assets. Credit and property value are determined separately by a credit report and appraisal.

Loan BrokerSee: Mortgage Broker.

Loan CommitmentSee: Commitment (2).

Loan ConstantThe yearly percentage of interest which remains the same over the life of an amortized loan, based on the monthly payment in relation to the principal originally loaned. For example: A $1000 loan at 9% interest for 20 years can be amortized at $9.00 per month. A constant interest rate is figured by finding one year's payments ($9.00 X 12 months = $108.00), and expressing this amount as a percentage of the principal originally borrowed (10.8% of $1000).

Loan Origination FeeA one time set up fee charged by the lender.

Loan PackageThe file of all items necessary for the lender to decide to give or not give a loan. These items would include the information on the prospective borrower (loan application, credit report, financial statement, employment letters, etc.), and information on the property (appraisal, survey, etc.). There may be a charge for "packaging" the loan.

Loan PolicyA title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalid title in the borrower, or loss of priority of the mortgage or deed of trust.

Loan To Value RatioThe ratio, expressed as a percentage, of the amount of a loan to the value or selling price of real property. Usually, the higher the percentage, the greater the interest charged. Maximum percentages for banks, savings and loans, or government insured loans, is set by statute.

Loan-To-Value Ratio (LTV)The amount of money borrowed, compared to the value (or price) of the property.

Loan ValueThe amount of money a bank is willing to lend someone to finance property.

LobbyAn open area immediately inside a building entrance. Most commonly associated with hotels and theaters.

Local GovernmentCity, county, or other governing body at a level smaller than a state. Local government has the greatest control over real property.

LocationThe geographical position of real property in relation to its intended use. It is impossible to have a good or bad location without knowing the intended use.

Location SurveySurvey that determines if a property's buildings encroach on adjoining property, or any adjoining property's buildings encroach on the subject property.

Lock BoxA small container attached to a listed property that contains the keys to enter the property, allowing real estate agents to show the property when no one is at home. The modern box is computerized and records the identity of the agent and time of entry. A code is used to enter the box.

Locus SigilliSee: L.S..

LodgingA seldom used term meaning a temporary place to stay (lodge).

Loft BuildingA building containing an attic-like upper floor, usually open (without partitions).

LongitudeThe East-West circle around the Earth, measured in relation to the meridian or latitude (North-South circle). It is measured from the Greenwich Meridian.

LongitudinalPertaining to the length of anything which is measured.

Long-Life PartsThe most permanent parts of a structure, such as the foundation or bearing walls, as opposed to hot water heaters, roofs, etc.

Long Term Capital GainGain on the sale of a capital asset which has been held for a specified time or longer. Long term capital gain is taxed at a special rate and not as ordinary income.

Long Term FinancingA mortgage or deed of trust for a term of ten years or more, as distinguished from constructions loans or interim loans.

Long Term LeaseA general term which may refer to a lease 10 years or longer in term, or in some areas, 5 years or longer.

Loss FactorThe difference between rentable square footage and usable square footage.

Loss MitigationAny of several methods to help a borrower avoid foreclosure, such as Special Forbearance, partial Claim and Modification.

Loss Of AccessTaking away the right of an owner of property abutting a public road, to come and go to and from said road and his pro- perty. Usually happens in condemnation when the abutting road becomes a limited access highway.

Loss Payable ClauseA clause in a fire insurance policy, listing the priority of claims in the event of destruction of the property insured. Generally, a mortgagee or beneficiary under a deed of trust is the party appearing in the clause, being paid to the amount owing under the mortgage or deed of trust before the owner is paid.

LotGenerally, any portion or parcel of real property. Usually refers to a portion of a subdivision.

Lot And BlockA type of legal description used for platted property. The description states only the property's lot number and block number in a particular subdivision.

Lot And Block DescriptionA description of real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as identified on a subdivided plat duly recorded in the county recorder's office.

Lot, Block And Track DescriptionA legal description which refers to the recorded subdivision map. See: Parcel Map.

Lot BookSee: Plat Book.

Lot LineThe boundary line of a lot in a subdivision.

LouverAffixed or adjustable formation of slats in a wall, ceiling, door, etc., to let in light and air, allow ventilation of fumes from within, yet keep out rain.

Love And AffectionLoosely called consideration. However, only valid where a valuable consideration is not required, such as a gift. Most contracts to be binding require "valuable consideration".

Low Doc LoansLoans requiring less documentation than is usually required from the borrower. For example: The borrower would provide a statement of income but not be required to provide tax returns to prove said income. These loans are sometimes call "no qualifying loans".

Low Water LineLine on the shore marking the lowest ebb of the tide.

L.S.An abbreviation for "Locus sigilli", the place of the seal. At one time, individuals had seals, and documents were invalid unless the seal was affixed. Modernly, signatures are notarized and only corporations, in certain circumstances, must affix a seal.

LumberA general classification of wood after it passes from the sawmill.

Luminous CeilingA ceiling emitting light from its entire surface, through the use of fluorescent light above translucent glass or plastic.

Lump Sum Reverse MortgageUnder this type reverse mortgage, the borrower receives a lump sum which is repaid when the borrower sells the property or dies. The proceeds are used to make home repairs, pay off an existing mortgage, or pay off consumer debt. Since the reverse mortgage requires no periodic payments, the borrower's monthly expenses can be reduced. See also: Reverse Mortgage.