L Glossary Terms

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LANDLORD
An owner or agent for owner who rents property to a tenant with an oral or written contract. 

LATE CHARGE
A penalty charge assessed on rent or a mortgage when payment is made after the due date. 

LEASE
A contract that gives possession of property to another for a consideration (usually rent) for a specific period of time.

LIEN
A legal claim to a property, usually for a debt, that must be paid when the property is sold. 

LOAN ASSUMPTION
The process whereby a buyer assumes responsibility for the existing loan on the property. 

LOAN ORIGINATION FEE
A charge by the lender to cover the time and processing fees. 

LOAN MODIFICATION
A revised mortgage note to permanently change one or more of the loan terms to make the payments more manageable. 

LOCK-IN
A written agreement guaranteeing the buyer a specific interest rate, provided the loan is closed within a set period of time.