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TermDefinition
- Laminate1. The process of applying a veneer. 2. A Thin layer of material (i.e. wood, plastic) glued to the exterior of a surface.
- Laminated ShinglesShingles that have added dimensionality because of extra layers or tabs, giving a shake-like appearance.
- Architectural ShinglesShingles that have added dimensionality because of extra layers or tabs, giving a shake-like appearance.
- Three-Dimensional ShinglesShingles that have added dimensionality because of extra layers or tabs, giving a shake-like appearance.
- LaminatingBonding together two or more layers of materials.
- 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 rent to the landowner for the land even while owning the home.
- LandingA level part of a stairway, either between flights of stairs or at the end of a flight of stairs.
- LandlordAn owner of a property who receives payments from tenants taking residency in the owned rental unit.
- Landlord InsuranceA policy that covers the unique risks taken in renting a residential property for periods of time. Its coverage can include property damage, liability costs and loss of rental income for owners of short- or long-term rental investment property.
- Rental Property InsuranceA policy that covers the unique risks taken in renting a residential property for periods of time. Its coverage can include property damage, liability costs and loss of rental income for owners of short- or long-term rental investment property.
- 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 tenant’s part and duty do deliver possession on the landlord’s side.
- LandscapingThe process of making a yard or other outdoor space more attractive with plantings, ornamental features, and regrading.
- LapTo cover the surface of one shingle or roll with another.
- 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, if any, without using a key. Contrasts with dead bolt.
- Late ChargeA penalty imposed by the lender when a borrower fails to make a scheduled payment on time.
- 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.
- Latex PaintPaint that uses latex as a binder. Latex paint can be removed with water while it is wet.
- 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, shingles, or tiles.
- LatticeAn open framework of criss-crossed wood or metal strips that form regular, patterned spaces.
- 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 otherwise be in the rear of the cabinet. This feature is often offered as an option in corner base cabinets and can sometimes be added into existing cabinets.
- Leach FieldAn area of land where subsurface disposal facilities are placed so filtered sewage can percolate into the soil; typically used in rural areas.
- Lead-Based Paint DisclosureUnder this regulation, individuals and families need to be aware of homes harboring lead-based paint. It became effective in 1996.
- LeaseAn agreement granting the use or occupancy of land during a specified period in exchange for rent.
- Lease AssignmentAn agreement between the commercial property owner and the lender that assigns lease payments directly to the lender.
- 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 owner from selling the property to any third parties until the lease expires.
- 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. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down payment and closing costs.
- Lease RenewalThe continuing of the lease after its initial expiration.
- Lease TermThe time restriction regulating a tenant’s right for the home’s exclusive possession.
- LeasebackA leaseback is an agreement between buyers and sellers allowing the seller to rent the property from the buyer for a predetermined amount of time after closing. A leaseback helps the seller by providing additional time in the home after the transaction while also allowing the seller to use money from the transaction on their next home purchase.
- Leasehold EstateA method of retaining title to a property wherein the mortgagor has a recorded long-term lease rather than owning property.
- Leasehold ImprovementsThe cost of improvements for a leased property, often paid by the tenant.
- Leasing AgentA person, namely a licensed agent, who leases real estate properties and signs them on behalf of the lessor.
- LedgerThe wooden perimeter frame lumber member that bolts onto the face of a foundation wall and supports the wood structural floor.
- 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 eventually discharged into a section of the lot called a leech field.
- 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 over the first few years of the loan. It provides lower initial payments and a stable final monthly rate, but the final rate may be somewhat higher than on a standard fixed-rate mortgage.
- Lender FeesLender Fees are fees paid to the lender.
- Lender Processing FeeThe processing fee assessed to offset expenses associated with analyzing a loan application and compiling and packaging the necessary supporting documentation to close a loan.
- LendersA lender is an individual or business that loans out large sums of money. Lenders can offer student loans, mortgage loans, car loans, construction loans, or personal loans.
- LesseeA tenant who rents the property from the landlord.
- LessorA landlord who grants the lease to the tenant.