Contract that conveys the right to use property for a period of time in return for a consideration, usually rent, paid to the property owner.
|Lease-purchase option |
Opportunity to purchase a piece of property by renting for a specified period, with the provision that the lessee may choose to buy after or during the leasing period at a predetermined sale price.
Someone who rents under a lease; the tenant.
Someone who rents to another party through a lease; the landlord.
A privilege or right granted to a person by a state to operate as a real estate broker or salesperson.
A debt on a property which encumbers it until the obligation is paid; a mortgage, back taxes, or other claim.
Contract used for hiring a real estate agent to sell a piece of property. Also a piece of property that is for sale.
|Loan origination fee |
Paid by the borrower to get a loan; it covers expenses incurred by the lender, such as the cost of the appraisal, credit report, title search, etc.
|Loan servicing |
Task of collecting monthly payments, handling insurance and tax impounds, delinquencies, early payoffs, and mortgage releases.
|Loan-to-value ratio |
Relationship of a mortgage loan to the appraised value of a piece of property. Usually expressed to the buyer in terms of how much the lender will lend, i.e. – 75 percent financing.