Lease:

This is a written agreement between the property owner and a tenant. This stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

Leasehold Estate:

This is a way of holding title to a property. Here, the mortgagor does not actually own the property but he has rather a recorded long-term lease on it.

Legal Description:

This is a property description, which is recognized by law. This is sufficient to locate and identify the property without any oral testimony.

Lender:

This term can refer to the institution making the loan and also to the individual who represents the firm. For instance, loan officers are often referred to as “lenders.”

Liabilities:

A person’s financial obligations are called Liabilities, which include long-term and short-term debt, as well as any other amounts which are owed to others.

Line of Credit:

Line of Credit means an agreement, which is made by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.