- Laminate1. The process of applying a veneer. 2. A Thin layer of material (i.e. wood, plastic) glued to the exterior of a surface. Read More
- Laminated ShinglesShingles that have added dimensionality because of extra layers or tabs, giving a shake-like appearance. Read More
- LaminatingBonding together two or more layers of materials. Read More
- Land LeaseWhen a home is purchased, typically the purchase includes the land the property is built on as well. However, a land lease is when you would pay(...) Read More
- LandingA level part of a stairway, either between flights of stairs or at the end of a flight of stairs. Read More
- LandlordAn owner of a property who receives payments from tenants taking residency in the owned rental unit. Read More
- Landlord InsuranceA policy that covers the unique risks taken in renting a residential property for periods of time. Its coverage can include property damage,(...) Read More
- Landlord-Tenant LawA part of the Common Law that outlines the rights and duties of both landlords and tenants, including the duty to preserve the premises on the(...) Read More
- LandscapingThe process of making a yard or other outdoor space more attractive with plantings, ornamental features, and regrading. Read More
- LapTo cover the surface of one shingle or roll with another. Read More
- LatchA beveled metal tongue operated by a spring-loaded knob or lever. The tongue's bevel lets you close the door and engage the locking mechanism,(...) Read More
- Late ChargeA penalty imposed by the lender when a borrower fails to make a scheduled payment on time. Read More
- Lateral (Electric, Gas, Telephone, Sewer, And Water)The underground trench and related services (i.e., electric, gas, telephone, sewer and water lines) that will be buried within the trench. Read More
- Latex PaintPaint that uses latex as a binder. Latex paint can be removed with water while it is wet. Read More
- LathA building material of narrow wood, metal, gypsum, or insulating board that is fastened to the frame of a building to act as a base for plaster,(...) Read More
- LatticeAn open framework of criss-crossed wood or metal strips that form regular, patterned spaces. Read More
- Lazy Susan CabinetA cabinet that features a rotating interior tray is called a Lazy Susan cabinet. The rotating tray makes it easy to reach items that would(...) Read More
- Leach FieldAn area of land where subsurface disposal facilities are placed so filtered sewage can percolate into the soil; typically used in rural areas. Read More
- Lead-Based Paint DisclosureUnder this regulation, individuals and families need to be aware of homes harboring lead-based paint. It became effective in 1996. Read More
- LeaderA pipe for draining water from roof gutters. Read More
- LeaseAn agreement granting the use or occupancy of land during a specified period in exchange for rent. Read More
- Lease AssignmentAn agreement between the commercial property owner and the lender that assigns lease payments directly to the lender. Read More
- Lease OptionAn agreement that provides the tenant with an option to buy the property during or at the end of their tenancy. This agreement prevents the(...) Read More
- Lease-Purchase OptionAn option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time.(...) Read More
- Lease RenewalThe continuing of the lease after its initial expiration. Read More
- Lease TermThe time restriction regulating a tenant’s right for the home’s exclusive possession. Read More
- Lease-To-PurchaseA combination of a rental and purchase agreement. With an RTO, the tenant’s monthly payment to the landlord is divided up in a way that part of(...) Read More
- LeasebackA leaseback is an agreement between buyers and sellers allowing the seller to rent the property from the buyer for a predetermined amount of(...) Read More
- Leasehold EstateA method of retaining title to a property wherein the mortgagor has a recorded long-term lease rather than owning property. Read More
- Leasehold ImprovementsThe cost of improvements for a leased property, often paid by the tenant. Read More
- Leasing AgentA person, namely a licensed agent, who leases real estate properties and signs them on behalf of the lessor. Read More
- LedgerThe wooden perimeter frame lumber member that bolts onto the face of a foundation wall and supports the wood structural floor. Read More
- Leech FieldA method used to treat/dispose of sewage in rural areas not accessible to a municipal sewer system. Sewage is permitted to be filtered and(...) Read More
- Lender Buy-Down MortgageA convertible mortgage offering a discounted interest rate at the beginning of the loan that gradually increases to an agreed-upon fixed-rate(...) Read More
- Lender FeesLender Fees are fees paid to the lender. Read More
- Lender Processing FeeThe processing fee assessed to offset expenses associated with analyzing a loan application and compiling and packaging the necessary supporting(...) Read More
- LendersA lender is an individual or business that loans out large sums of money. Lenders can offer student loans, mortgage loans, car loans,(...) Read More
- LesseeA tenant who rents the property from the landlord. Read More
- LessorA landlord who grants the lease to the tenant. Read More
- Letter of IntentA document that states the intent of the builder/designer and the homeowner to work together. This is later replaced by a more formal contract(...) Read More