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Real Estate Glossary and Terms

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Realty Terms beginning with L

Land Title
The legal document conveying title to a property.

Legal Description
A written statement used to identify or describe a property that satisfies a court of law.

Legal Mortgage
The written geographical description of a property as described in the land register.

A charge registered against a property.

Load-bearing Wall
Any exterior wall or interior wall that supports its weight and the weight of other parts of the building.

Loan Application
A document that is filled out by those who want to borrow money. Applicants must provide detailed financial information on the application for the lender to consider before loans are granted.

Loan Application Fee
A cost charged by a lender for processing loan application documents that are submitted by prospective borrowers.

Low-down-payment Loan

A mortgage where the borrower puts down a small amount and borrows a high percentage of the purchase price.

Lowball Offer
An offer made by a potential buyer that is well below the market bid.