Промышленный лизинг Промышленный лизинг  Методички 

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the right to purchase the property before the specified future date for the amount listed in the contract. Part of the lease payment is considered option money toward the purchase price.

Lease purchase A contract that states that buyers are leasing the property for the agreed-on amount and conditions. The buyers agree to purchase the property at the agreed-on time for the agreed-on amount.

Legal description A formal description giving a propertys location, size, and boundaries in written and/or map form.

Lessee The tenant or person who leases property from the landlord to use it.

Lessor The landlord or owner of property who leases the property to the tenant for the tenants use.

Liability Responsibility for damages to other people or property; what you owe against an asset.

Lien A claim against a property making the property security for debts, such as loans, mechanics liens, and taxes.

Lien releases Documents releasing one from monetary liability to the party listed after fully paying that party.

Liquidated damages The amount of money the seller may keep if the buyers default or breach the contact.

Lis pendens An official recorded notice that legal action is pending against the title to the property.

Listing Authorization to sell; a contract allowing a real estate broker to act as an agent to buy, lease, or sell property for another.

Loan disclosure statement A lenders account summary required by the Federal Truth in Lending Act.

Loan discount fee See Points.

Loan fees One-time charges by the lender for initiating a loan, including points, appraisal, and credit report on buyers.

Loan origination fee Lenders charge for arranging and processing a loan, usually based on a percentage of the loan.

Loan tie-in fee A fee charged by whoever handles closing for their work and liability in conforming to the lenders criteria for the buyers new loan.



Market value The amount buyers are willing to pay and sellers are willing to accept within a reasonable time.

Marshals deed See Sheriffs deed.

Mechanics lien A claim filed against property by a contractor, service provider, or supplier for work done or materials provided for which full payment has not been received.

MLS See Multiple Listing Service.

Mortgage A contract to secure a loan by which the seller promises his or her property without giving up possession or title.

Mortgage default insurance Default insurance; insurance coverage enabling the lender to receive a part of the outstanding balance in the event the owner defaults.

Mortgagee Lender of money on property using a mortgage.

Mortgagor Property owner who borrows money using a mortgage.

Multiple Listing Service MLS; an agency to which real estate brokers belong to pool their listings with other brokers. If a sale is made, the listing and selling brokers share the commission.

Negative amortization Process in which payments on a loan do not cover interest payments and the difference between the payment and interest due are added to the loan balance.

Net listing A listing providing that the broker retain all money received in excess of the price set by the seller.

Nominal interest rate Interest rate stated in a promissory note.

Notary fee A charge paid to a notary public to witness signatures on some of the legal documents in a transaction.

Notice of default Warning sent to a borrower on a loan cautioning the borrower that the payment is delinquent.

Offset statement A statement regarding a loan provided by the seller when a beneficiary statement is not available.

Open listing A nonexclusive right-to-sell agreement one can make with one or more real estate professionals. It provides that if you sell your home yourself, you are not liable to the broker for a commission. If, however, a real estate professional obtains the buyers for the property, you must pay the broker the commission you have negotiated.



Option A contract to keep an offer to buy, sell, or lease property open for a period and under the terms agreed on.

Optionee The person who gets the option on a property.

Optionor The owner of a title who gives an option.

Option to buy See Purchase option.

Payment records Checks, receipts, and written ledgers.

Payment statements Monthly stubs showing your payment date, amounts applied to principal and interest, and remaining balance due, as well as annual summary statements.

Permission-to-show listing A listing contract that allows a real estate professional to show a sellers property only to the person or persons named in that contract. You pay the commission only if someone on the list purchases the sellers home.

Personal property Items that are not permanently attached to your home or other structures on your property.

Pest control inspection Structural pest control inspection, termite inspection; inspection for infestation or infection by wood-destroying pests or organisms.

Physical inspection Home inspection; examination of the general physical condition of a propertys site and structures.

Planned unit development PUD; a subdivision in which the lots are separately owned but other areas are owned in common.

Points Discount points, loan discount fee; a one-time charge by the lender to adjust the yield on the loan to current market conditions or to adjust the rate on the loan to market rate. Each point is equal to 1 percent of the loan balance.

Power of attorney A document that gives one person the power to sign documents for another person.

Power of sale clause A provision in a loan allowing the lender to foreclose and sell borrowers property publicly without a court procedure.

Preliminary title report Report summarizing the title search performed by a title company or lawyer for a property.



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