Dictionary

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.

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.

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.

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.

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.

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.

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.

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.

Definition:   The ability to sell an asset and convert it into cash at a price close to its true value. Pronunciation:    \li-ˈkwi-də-tē\ Used in a Sentence:    Publically traded stocks have a lot of liquidity because they can be sold quickly and converted into cash.