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Real Estate Glossary

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L                                                                                                          

Term                                Description

Lease:

Lease Assignment: 

Listing(s):

Loan Commitment:   

Loan To Value Ratio: 

Loft Space:

Lot:

Real Estate Glossary

From ‘Abstract of Title’ to ‘Triple-Mint’, the arcana of real estate explained

Browse alphabetically by choosing a letter from the list below.

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

A legal document which outlines the responsibilities and parameters between a landlord and a tenant. 

When a lessee (tenant) must leave his/her apartment prior to the end of the particular lease and he/she remains responsible for the duration of the term.  In such an instance, the lessor (owner) will allow the lessee to assign the remaining term on the lease to a new tenant.   However, in most situations like this, a prudent owner/landlord will keep the original tenant on the lease and thus responsible for the remainder of the term.   Whether or not the owner/landlord allows the new tenant to remain in the apartment is strictly at the discretion of the owner/landlord.

Brokers refer to available apartments as listings.  These can be either sale or rental availabilities.

A written promise by a lender to make a loan under certain

terms and conditions. These include interest rate, length of the

loan, lender fees, annual percent-age rate, mortgage and

hazard insurance, and other special requirements.  

The ratio of the mortgage loan principal (amount borrowed) to the property’s appraised value (selling price). On a $l00,000

home, with a mortgage loan principal of $80,000, the loan to

value ratio is 80%.

By definition, this term refers to space which has been converted from commercial usage to residential usage.  This can include the conversion of office space, factory space or warehouse space.  At present, there is a wave of conversion of downtown space from commercial office building space to residential loft or loft-like space.  Some of the attributes of loft space may include high ceilings, open space, raw space, large windows, etc.

Parcel of land is divided into lots for purpose of identification.

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