Dictionary
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Lot And Block
Definition: a type of legal description of land
Pronunciation:
Used in a Sentence: The new subdivision used a lot and block map for us to choose a home site for building our new house.
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Loan-to-value Ratio (ltv)
Definition: the relationship between the amount borrowed and either the appraised value or sale price (whichever is lower) of a property
Pronunciation:
Used in a Sentence: The higher the LTV, the lower the lender’s safety cushion should the borrower default.
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Loan Servicing
Definition: an additional source of income for lenders. Servicing fees are based on the unpaid balance of loans serviced.
Pronunciation:
Used in a Sentence: Loan payment collection and recordkeeping for mortgages is part of loan servicing that lenders charge a fee for.
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Loan Origination Fee
Definition: a charge by a lender for taking a mortgage in exchange for a loan
Pronunciation: \-ˌri-jə-ˈnā-shən\
Used in a Sentence: The loan origination fee is indicated on the settlement statement provided at the closing.
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Littoral Rights
Definition: legal rights related to land abutting an ocean, sea or lake, usually extending to the high-water mark
Pronunciation: ˈli-tə-rəl; ˌli-tə-ˈral, -ˈräl\ \ˈrīt\
Used in a Sentence: Since the land was located next to a lake the owner had littoral rights to the property extending to the water’s edge.
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Litigation
Definition: a lawsuit; the act of carrying on a lawsuit; a case before a court of law
Pronunciation: \ˌli-tə-ˈgā-shən\
Used in a Sentence: The seller started litigation against the buyer when they could not agree on the disposition of the earnest money.
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Listing
Definition: a written employment agreement between a property owner and a real estate broker or sales agent authorizing the broker/agent to find a buyer or tenant for certain real property
Pronunciation: \ˈlis-tiŋ\
Used in a Sentence: It is important that all owners of record sign the listing agreement.
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Lis Pendens
Definition: notice of a pending action involving title or possession of real property; action pending
Pronunciation:
Used in a Sentence: A lis pendens informs the public that a legal action is pending against a property.