The Real Estate
Encyclopedia: K-O

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...

In real estate, a Listing is an agreement between a property owner and a real estate agent or broker in which the agent is authorized to market the property and seek a buyer or tenant. The agreement specifies the price, terms, and conditions under which the property...

In real estate law, Lis Pendens is a legal notice recorded in the public records to indicate that a lawsuit is pending that affects title to or possession of real property. The notice serves to warn potential buyers or lenders that the property is subject to...

In real estate contracts, Liquidated Damages are a specific sum of money agreed upon in advance by the parties as compensation if a contract is breached. This amount represents a reasonable estimate of the damages that would result from the failure to perform....

In real estate and construction, a Lintel is a horizontal structural member placed above an opening such as a door or window. Its purpose is to support the weight of the wall or structure above the opening. Lintels are commonly made of wood, steel, concrete, or stone,...

In real estate and business law, a Limited Partnership is a partnership structure made up of one or more general partners and one or more limited partners. The general partners manage and control the partnership’s business affairs and are personally liable for its...