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Condos in Boise
L/V:
Short form for "Loan-to-value ratio".
LAND BANKING:
The
practice of acquiring land now for future use.
LAND CONTRACT:
See
"Contract for Deed".
LAND LEASE:
A rental
agreement for the use of land but not the improvements thereon.
LAND SALE LEASEBACK:
An arrangement where a person sells property to another but
immediately rents it from the purchaser.
LAND SURVEYOR:
A
qualified professional who is trained to establish, measure and draw
out the boundaries of properties and the improvements (buildings and
other features) located thereon based on land records and site
examinations.
LAND USE PLANNING
(REGULATION):
An effort by a municipality to establish
guidelines for the use and development of land within its
boundaries.
LAND USE SUCCESSION:
The gradual change in the use of land in a neighborhood over a
period of years. We sell condos in Boise, call us today.
LAND/BUILDING RATIO:
A comparison of the value of the land with the value of the
improvements to that land.
LANDLOCKED:
A term
describing a property that does not border on any public road.
LANDLORD:
Also known
as "lessor". The owner of a property who allows other persons to
occupy a property in exchange for periodic payments of rent.
LANDMARK:
Any object
which is fixed to the ground and may serve as a guidepost for a
survey or boundary. Also known as "monument".
Condos in
Boise
LANDSCAPE ARCHITECT:
A professional designer of ground works who takes into consideration
the need for drainage, utilities installations, buildings, grading
while creating a pleasing appearance.
LATE CHARGE:
A fee
or penalty to be paid to a lender for a payment which is delivered
after it is due.
LATENT DEFECTS:
Problems with a property or building which are not visible to the
casual observer but which may surface later. A vendor must disclose
to a purchaser any serious latent defects of which he has knowledge.
LEASE:
A written
agreement to rent a property or part of a property from the owner.
Sets out premises rented ("demised premises"), amount to be paid,
payment period, and other rights and obligations of the landlord and
tenant.
LEASE WITH OPTION TO
PURCHASE:
A rental contract which allows the tenant to
purchase the property during the period of the lease. Payments under
the lease may be credited (in whole or in part) against the purchase
price.
LEASE-PURCHASE MORTGAGE
LOAN:
A Fannie Mae loan which allows qualified persons to
lease a property from a nonprofit organization with an option to
purchase the home. Payments are made against the loan principal and
interest but with a portion going into a savings account toward the
purchase price. We have condos for sale in Boise.
LEASED FEE:
Description of the ownership interest in a property of a landlord
who has rented the property to a tenant.
LEASEHOLD ESTATE:
An
interest in a property for a period of time as specified under a
rental contract.
LEASEHOLD IMPROVEMENTS:
Additions to a rented premises made by the tenant, often in the
nature of a fixture, which may be removed by the tenant at the end
of the lease term if no damage ensues to the premises and if the
lease permits.
Condos in
Boise
LEASEHOLD MORTGAGE:
A loan secured against a tenant's interest in a property.
LEGAL AGE:
Set by
statute, the age at which a person ceases to be a minor and is able
to contract on his own behalf.
LEGAL DESCRIPTION:
A
description of a piece of real estate that is drafted according to
legal requirements and which clearly and adequately establishes the
identity of the property so described. Found in most instruments for
registration on title to land.
LEGAL NAME:
Usually
a person's full name as given at birth, may be changed by filing the
proper forms and paying the appropriate fee.
LEGAL NOTICE:
Informing one or more persons of a fact, action or intention in a
period of time and in a fashion required by a statute, contract or
court order. We can help you with all your real estate needs.
LEGAL RESIDENCE:
The
place where one resides (may refer to a street address or, for
income tax purposes, a country of residence).
LEGAL TITLE:
The
bundle of rights of ownership that a person acquires in purchasing a
piece of property, which may be defended against competing
interests.
LEGATEE:
The
beneficiary under a will.
LENDER:
Any
individual or company which provides money to third parties in
return for periodic payments of interest and principal over time.
Condos in
Boise
LENDER OPTION COMMITMENTS:
A contract between a lender and potential borrower which allows a
lender to provide certain loans at certain times on terms set out in
the contract but also allows the lender to choose not to provide
such loans.
LENDER'S TITLE INSURANCE:
A policy of Title Insurance which covers the interest of a lender on
a mortgage registered on title to a property.
LESS THAN FREEHOLD ESTATE:
An interest in land which is limited to a certain period of time.
LESSEE:
A tenant
under a lease.
LESSOR:
A landlord
under a lease (the owner of the property being rented).
LET:
1. (Verb) To
lease or rent part or all of a property to a third party.
2.
(Noun) A served ball that strikes the net but still falls in to the
service court in tennis.
LETTER OF COMMITMENT:
See "commitment Letter".
LETTER OF CREDIT:
An
agreement between a bank and a borrower which allows the borrower to
use money on the bank's credit.
Condos in
Boise
LETTER OF INTENT:
A
written indication to the owner of property that the writer will be
making an offer to purchase the property. We sell condos in
Boise.
LEVEL-PAYMENT MORTGAGE:
A land loan which requires regular, even payments.
LEVY:
To charge or
assess a tax or charge.
LIABILITIES:
The
debts or obligations of a person.
LIABILITY INSURANCE:
A contract made with an insurance company to cover costs arising out
a person's responsibility for injuries to others.
LIABLE:
To be
legally obligated or responsible for something or to someone.
LIBER:
Latin for
"book", the volume in which land records are held.
LIEN:
A legal claim
against property for moneys owed.
LIEN HOLDER:
The
person who has the claim against the property.
LIEN WAIVER:
The
surrender or passing up on one's right to a claim.
LIFE CAP:
The
maximum interest rate chargeable under an adjustable or variable
rate mortgage over its life.
Condos in
Boise
LIFE ESTATE:
A
limited right in a property, to use or occupy the property for the
life of the person holding the estate after which title reverts to
the grantor or a named third party. We have condos for sale in
Boise.
LIFE TENANT:
A
person who enjoys rights of occupation of property for life.
LIFETIME PAYMENT CAP:
The maximum increase or decrease in the amount of each periodic
payment allowable over the life of an adjustable or variable rate
mortgage.
LIGATION BOND:
A
written promise made by a borrower for a sum of money in excess of
the principal amount of the loan. The lender may sue the borrower on
this promise.
LIKE-KIND PROPERTY:
Similar property.
LIMITED LIABILITY:
Responsibility or obligation which is restricted to the limits set
out.
Condos in
Boise
LINE OF CREDIT:
A
very flexible form of loan in which the lender agrees to make a
certain amount of money available to the borrower at a certain rate
of interest. The borrower may use as much of the amount available as
she wishes and may pay out all or any part of the amount owing at
any time or re-borrow such funds at her leisure.
LINEAL MEASUREMENT:
The distance from one point to another measured in a straight line,
along the ground.
LINK:
A lineal
measurement equaling 7.92 inches.
LIS PENDENS:
Latin
meaning "suit pending", a recorded notice of a legal claim which may
affect ownership of a parcel of land.
LIST:
To place a
property up for sale in the public forum, to add it to the list of
properties for sale.
LISTING BROKER (AGENT):
The real estate professional who acts for the vendor in marketing a
property for sale. As opposed to Selling Broker (Agent) -- the agent
representing the purchaser. Call today for condos in Boise.
LISTING:
The
agreement that allows a real estate professional to market a
property or the actual notice of the property's availability and
features.
LITIGATION:
Legal
action in pursuit or furtherance of a claim.
Condos in
Boise
LOAN:
See also
"mortgage". A transfer of money or other property from one party to
another upon the expectation that the money or other property will
be returned (often with additional payments as well).
LOAN APPLICATION:
The form completed by a potential borrower which provides
information the prospective lender requires to assess the borrower's
suitability for a loan.
LOAN APPLICATION FEE:
The charge paid by the borrower for the honor of requesting a loan
and of having the lender consider the request.
LOAN COMMITMENT:
See
"commitment letter".
LOCATION:
The most
important factor in the value of a property.
LOCK OR LOCK IN:
Obtain a commitment from a lender to guarantee a certain interest
rate or other loan feature for a set period of time.
LOCK PERIOD:
The
time span over which the lender guarantees a feature of a loan.
LOG CABIN:
A
dwelling made of unfinished logs, rough in texture, old-fashioned,
rustic.
Condos in
Boise
LOSS MITIGATION:
The
duty of any person claiming damages against another person, actions
designed to alleviate the injury suffered or to reduce the cost of
that injury to that injured party.
LOT:
A measured
section of land, often a particular parcel of land on a registered
plan.
LOT LINE:
The legal
perimeter of a parcel of property, often shown on a survey of the
property.
LOW-BALL OFFER:
A
slang term for an offer to purchase a property with an offered
purchase price much lower than that asked for. An attempt to take
advantage of pressures on the vendor to sell by asking him to accept much less than the
property may be worth.
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