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Sell stop foreclosure homes Glossary - L

Lease
It’s a device used as a mean of acquiring the use of the particular property for a specific period of time in exchange for regular payments without actually purchasing it. It’s a written contract between a property owner and a tenant that expresses the conditions under which the tenant may own the real estate for a precise period of time and rent.

Lender
Lender can be referred to the institution that produces the loan or the individual representing the firm. For example, loan officers are often known as lenders.

Listing Price
It’s the price at which the house is listed in the market depending on the market value of the house. It’s also known as the asking price.

Lease purchase
Assistance provided to the low or moderate-income homebuyers in purchasing a home by permitting them to lease a home with an option to buy whereby the rent payment is made up based on monthly rental payments and an additional amount is credited to an account for use regarded as a down payment.

Landlord
The person who is the lord of a land or the owner of land or houses which he leases to a tenant or tenants.