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Dictionary

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Lease
A binding agreement by which the owner of a property (lessor) and the renter (lessee) detail the terms and conditions of the renter’s occupancy, specifying details such as the period of time and monthly rent payment.

Legal Description
Based on government surveys and recognized by law, this description of land identifies and locates the exact boundaries of a piece of real estate.

Lender
A financial institution, such as a bank or mortgage company, that advances funds which are to be repaid

Lien
A claim laid by one party on the property of another as security for money owed.

Lock-In
A guarantee many lenders will offer a borrower, usually accompanied by a fee and for a limited amount of time, that promises a borrower a specific interest rate on a mortgage at the time of closing.