The Real Estate
Encyclopedia: K-O

In real estate, marketable title refers to ownership of property that is free from significant defects and can be readily sold to a reasonably prudent purchaser. Such a purchaser is assumed to be aware of the relevant facts and their legal implications, including any...

In real estate, market value is an estimate of the highest price that a willing buyer would pay and a willing seller would accept for a property, assuming both parties are fully informed and acting without undue pressure. It is based on the premise that the property...

In real estate, market price refers to the actual price paid for a property in a completed transaction, without regard to the motivations, pressures, or level of information possessed by the buyer or seller. It represents a historical fact rather than an opinion or...

In real estate appraisal, the market data approach is a method of estimating the value of a property by comparing it to similar properties that have recently sold. The appraiser analyzes these comparable sales to identify patterns in pricing and market behavior,...

In real estate, a lot is a defined portion or parcel of real property, typically identified by legal description and boundaries. The term most often refers to a specific parcel within a recorded subdivision, as shown on a subdivision map or plat. A lot is generally...

In real estate, a long-term lease is a general classification for a lease agreement with an extended duration, typically lasting ten years or more. In some markets or jurisdictions, leases of five years or longer may also be considered long term due to their economic...

In real estate, long term financing refers to a mortgage or deed of trust with a repayment term of ten years or more. It is typically used to fund the purchase or refinancing of completed properties and is distinguished from shorter term financing arrangements. Unlike...

Lock-In In real estate finance, a lock-in is a provision in a mortgage or deed of trust that restricts or prohibits the borrower from repaying or refinancing the loan for a specified period of time. During this lock-in period, the borrower is effectively required to...

Loan-to-Value Ratio In real estate finance, the loan-to-value ratio, often abbreviated as LTV, is a measure used by lenders to compare the amount of a proposed loan to the value or selling price of a property. It is expressed as a percentage and helps indicate the...

Loan PackageIn real estate finance, a loan package is the complete set of documents and supporting materials submitted to a lender for the purpose of evaluating a proposed loan. It provides the information a lender needs to assess the borrower’s creditworthiness,...