The Real Estate
Encyclopedia: K-O

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,...

In real estate finance, a Loan Origination Fee is a one time charge assessed by a lender for processing and setting up a loan. It is commonly expressed as a percentage of the total loan amount. This fee compensates the lender for services such as underwriting,...

In real estate finance, a Loan Commitment is a lender’s written agreement to provide a loan to a borrower under specified terms and conditions. The commitment is typically issued after the lender completes appraisal, underwriting, and credit review. A loan commitment...

In real estate finance, a Loan Application is a document completed by a borrower to provide information a lender uses to evaluate whether to approve a loan. It collects personal, financial, and employment details needed to assess the borrower’s ability and willingness...

In real estate and property law, Littoral refers to land that borders a lake, sea, or ocean. It describes property located along the shoreline of large bodies of water. Littoral rights are the rights of landowners whose property abuts these waters and may include...

In real estate, a Listing Agent is the real estate professional who represents the property owner and secures the listing agreement for a property. The listing agent is responsible for marketing the property, advising the seller on pricing and terms, and coordinating...