Real Estate Glossary
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liquidated damagesare those damages specified in the contract as the remedy in the event of a default or breach of contract. Often for new construction a liquidated damages clause is included indicating a fee associated with each day the construction is not completed. | |
lis pendensA recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court. | |
listing agreementA contract between an owner and a real estate broker (as agent) by which the broker is employed as agent to find a buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission. | |
littoralrights granted to owners of land bordering on non-flowing waters such as large lakes and oceans to have access to the water for reasonable uses. | ||
Loan Estimate (LE)three page document that has the accounting for borrowers of the loan. | |
Loan origination feeThe processing of a mortgage application is known as loan origination. When a mortgage loan is originated, a loan origination fee, or transfer fee, is charged by most lenders to cover the expenses involved in generating the loan. | |
loan-to-value ratiothe ratio which expresses the relationship betweeen the amount of money borrowed and the value of the subject property. | ||
Local Improvement District (LID)An assessment (i.e., tax) on a local improvement district for a public improvement project the district has approved. | |
locational factorsis one of the four basic categories of adjustments; which are: terms and conditions of sale; date of sale; locational factors; and physical factors. Locational factors permit adjustments for differences associated with advantages or disadvantages in location between the subject and comparables. Locational factors include physical, social, economic, and political differences that influence the prices paid for real estate. Example: A subject is located at the entrance to the subdivision off a busy street. Comparables are all located within the same subdivision. The appraiser analyzes any affect from the subject property location against the comparable locations and makes appropriate adjustments for any difference in value. | |
lot-and-block (recorded plat) systemA method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat. | ||