Real
Estate Markets are very different and many
things are handled differently from one
state to another. We have assembled a
glossary of the most common terms used in
the Florida Real Estate Market to assist
our American clients and the many
international clients from Canada, United
Kingdom and other countries across the
world.
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Land
The surface of the earth and everything attached to it by nature
Land description (legal description)
A definite and positive written identification of a specific parcel
of land and its location without
additional oral testimony.
Lease
An estate for years, an agreement that does not convey ownership
but does convey possession and use for a
period of time and for compensation
Leasehold estate
A tenancy in real property held under a lease arrangement for a
definite number of years; non-freehold.
Legal description
A series of boundary lines on the earth's surface.
Lenders Title Insurance
Title insurance issued for the unpaid mortgage amount to protect
the lender against title defects.
Lessee
A tenant or leaseholder, party given a lease
Lessor
The landlord or owner, party granting a lease
Level-payment plan
A method for amortizing a mortgage whereby the borrower pays the
same amount each month
Leverage
The use of borrowed funds to finance the purchase of an asset; the
use of another's money to make more money.
Liabilities
Debts, financial obligations; drawbacks
Licensee
An individual who has qualified for, and been registered as, a real
estate broker, broker associate, or sales
associate
Lien
A claim on property for payment of some obligation or debt
Lienee
One whose property is subject to a claim or charge by another.
Lienor
One who has a claim or charge on the property of another.
Lien theory
Legal concept that regards a mortgage as a just claim on specific
property pledged as security for a
mortgage debt.
Life estates
Tenancies whose durations are limited to the life of some person;
freehold
Limited partnership
A business entity consisting of one or more general partners and
one or more limited partners
Lineal
Descended in a direct family line; relating to or derived from
ancestors
Liquidated damages
The amount of valuable consideration
specified in an agreement as a penalty for
default
Liquidity
The ability to convert monkish assets into cash quickly; refers to
a firm's cash position and its ability to
meet obligations
Listing
Oral or written employment agreement between a broker (or a sales
associate employed by a broker) and the
property owner; authorization to sell,
rent, or exchange
Litigation
A lawsuit; the act of carrying on a lawsuit, a case before a court
of law.
Loan-to-value (LTV) ratio
Relationship between amount borrowed and appraised value (or sale
price) of a property.
Lot
and Block
A type of legal description of land
We hope you found the above links useful,
and
remember, if you have any questions
regarding buying or selling your Florida
Holiday Home or permanent residence in
the Disney Orlando area please contact
us - we look forward to your call.
