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L

Land contract	See Contract for deed
Late charge	The penalty a borrower pays when a payment is made after the due date
Lease	A written agreement between the property owner and a tenant that stipulates rent to be paid, as well as the terms under which the tenant may reside in the real estate for a designated period of time
Leasehold estate	The tenant's right to title to a property for a specific period of time whereby the tenant does not actually own the property but has a long-term lease on it
Lease option	A lease that gives the tenant the right to purchase the property, either during the lease term or at its end
Lender's Title Insurance	An insurance policy covering a lender for the loan amount, whereby the coverage declines in amount as the loan is paid off, to the point where there coverage ends when the loan is paid completely
Lessee	The individual or party who takes property upon a lease
Lessor	The individual or party who grants property upon a lease
Liabilities	An individual's financial obligations
Lien	A legal claim or charge allowed to a creditor against a debtor's property that must be paid when the property is sold to transfer title
Life estate	The right to use, occupy and own, for the duration of the life of the individual
Lifetime payment cap, or Lifetime rate cap	The limit on the amount that payments can increase or decrease over the term of an adjustable-rate mortgage (ARM)
Liquid asset	Cash, or an asset that can be readily converted into cash
Liquidated damages	The compensation predetermined by both parties to a contract to be paid to the injured party, should the other party breach the contract
Lis pendens	A legal document filed in either a federal or state court indicating that a suit is pending against property located in the county where the notice is recorded
Listing agreement	A contract by which a broker is employed by the seller to find a buyer for the seller's real estate, according to the seller's terms, and for which service, the broker is paid a commission
Listing broker	A broker whose office initiates the property listing (as opposed to the cooperating broker, whose office negotiates the sale); the listing broker and the cooperating broker may be the same person
Loan origination	The process by which a lender sets up a mortgage loan secured by real property
Loan origination fee	The fee charged by the lender to the borrower for setting up a mortgage loan, usually computed as a percentage of the total mortgage amount
Loan-to-value (LTV) percentage	The proportion of the amount of the mortgage loan against the appraised value or sales price of the piece of property being pledged as collateral; e.g., a home with appraised value of $100,000 but with a $90,000 mortgage has a LTC of 90 percent
Lock-in	A guaranteed interest rate established at the time of closing which is honored if the mortgage closes within a certain period of time, also usually establishing the number of points to be paid at closing as well
Lock-in period	The time period during which the set interest rate is guaranteed to the borrower
Loss Payable Clause	A provision in an insurance policy that provides payment for any loss to two or more parties, as their interest so justifies, the two parties typically being the owner and the lender
Lot	A parcel of land with fixed boundaries as determined by a survey

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Holleay Parcker Broker/Owner SPINNAKER REALTY, LLC 6475 N. Croatan Hwy Ste 203 (MP 4) Kitty Hawk, NC 27949 Toll-free Direct: 877.207.1617 Local Mobile: 252.207.1617 Fax: 252.255.1115 Email Holleay now: holleay@OuterBanksRealEstateTips.com My desire is that you become thoroughly educated about the Outer Banks real estate market before making your purchase or selling decision. This is a process, and it is crucial to your success as an investor. I will take all the time necessary to answer your questions and assist you in achieving your real estate goals. Outer Banks Real Estate - The Most Important Tip You Need to Know Before Buying Property on the Outer Banks The most important decision you must make before purchasing Outer Banks real estate is selecting the agent you will work with. Choosing the right agent will save you time and money; choosing the wrong one may cost you both. More than 70% of real estate buyers deal with the first agent they speak with. Don't make this costly mistake! Research has shown that many people spend more money on their second home or investment property than they do on their primary residence. This means that your Outer Banks real estate purchase may well be the most valuable financial decision of your lives. With so much at stake, it's important that you secure the best possible agent to represent your interests. Why would you settle for less than the very best? When selecting the right Outer Banks real estate agent for your needs, consider these tips: 1. Is your agent a member of the Institute for Luxury Home Marketing? Members have received extensive training in handling exceptional properties in the upper tier market. Whether or not you are considering a home in the million dollar range, shouldn't you choose an agent who has received the highest level of training? I am a proud member of the Institute of Luxury Home Marketing. Only 4 other agents in the entire Outer Banks real estate market (936 agents strong) can make this claim. 2. Has your agent received the Certified Luxury Home Marketing Specialist designation? Unlike many other designations, this one is performance-based, which means that the agent has achieved a solid track record of sales in the upper 10% of their market. I have earned the coveted CLHMS designation, and only 2 other agents on the Outer Banks have received theirs. 3. Has your agent been recognized as a Million Dollar Guild member? Million Dollar Guild status is accepted by real estate consumers the world over as the industry's elite. Success in the million dollar and above arena has been demonstrated and certified. Simply put, it doesn't get better than this. My strong performance in the luxury home tier has earned me membership in the exclusive Million Dollar Guild club. Now that you realize that not all agents are alike, shouldn't you be calling the very best agent to assist you? Let's talk about your Outer Banks real estate needs today. You may reach me toll-free direct at 877.207.1617. I look forward to hearing from you. www.OuterBanksRealEstateTips.com is brought to you by Holleay Parcker NUMBER1EXPERT™ in real estate for Corolla, Outer Banks and Duck, North Carolina Read Holleay Parcker's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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