A home's surroundings can range from a shrub-studded emerald lawn to a native-plant xeriscape. It is a major component of curb appeal.
Landscape architect
A professional who holds a degree in landscape architecture, which involves training in horticulture, landscape design and planning.
Landscape designer
A landscape designer has training in horticulture and landscape planning, but does not necessarily hold a degree.
Landscape contractor
A professional who carries out the plans of a landscape architect or a landscape designer.
Late charge
A fee a lender imposes on a borrower when the borrower does not make a payment on time.
Late payment
A payment a lender receives after the due date has passed.
Latent defect
An invisible problem in a piece of property such as bad wiring, termite damage or lead paint.
Lead
A metallic chemical element present in older dwellings, primarily in the form of lead-based paint and lead plumbing. Exposure to lead has been found to be a health risk.
Lease
A binding agreement that contains the terms and conditions of a renter's occupancy.
Leasehold estate
An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease.
Lease option
A lease that contains the right to purchase the property for a specific price within a certain time frame.
Lender
A bank, savings institution or mortgage company that offers home loans.
Legal blemish
Blemishes on a piece of property, such as a zoning violation or fraudulent title claim.
Legal description
A specific way of identifying and locating a piece of real estate that is acceptable to a court.
Letter of intent
A formal statement that the buyer intends to purchase the property for a certain price on a certain date.
Leverage
The use of a small amount of cash--a 5 percent or 10 percent down payment--to buy a piece of property.
Liabilities
A borrower's debts and financial obligations.
Liability insurance
A policy that protects owners against any claims of negligence, personal injury or property damage.
Lien
A claim laid by one person or company on the property of another as security for money owed.
Life cap
A limit on the amount that a loan rate can move during the term of the mortgage. For example, the rate on an adjustable-rate mortgage that begins at 5 percent and has a lifetime cap of 6 percentage points cannot rise above 11 percent, even if rates on fixed-rate mortgages soar to 20 percent.
Life-cycle cost analysis
An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect.
Limited partnership
Real estate syndicates and other investment groups use this type of ownership.. A general partner makes the group's investment decisions, oversees the investment and is principally liable for any losses.
Lintel
A horizontal piece over a door or window that carries the weight of the structure above it.
Liquid assets
Cash and all other assets that can be converted to cash relatively quickly. Liquid assets can include money in savings and checking accounts, money-market accounts, and most certificates of deposit.
Liquidated damages
When a real estate deal goes awry, one party often is entitled to liquidated damages, a sum of money set out in the purchase contract in that event.
Listing
A piece of property placed on the market by a listing agent.
Listinginventories
The known number of houses for sale within a given market.
Live-in partnership
An arrangement in which two unrelated people purchase a home.
Live-work space
An officially designated dwelling in which the occupant conducts a home-based business or enterprise.
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