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Land Contract: A real estate installment contract where the buyer receives equitable title and the seller retains legal title until the sales price has been paid.

Lease with Option to Purchase: A lease which contains a clause that allows the tenant the right to purchase the property in a specific amount of time for a specific price.

Leasehold: A personal property interest that gives the tenant the right to occupy the real estae for the term of the lease.

Lessee: Tenant

Lessor: Landlord

LIBOR: (London Interbank Offered Rate) The average interest rate that major banks in London charge as they lend to one another.

Lien: A claim against property to ensure the repayment of a debt.

Lines of Credit: A mortgage loan which allows the borrower to write checks against or withdrawal funds. The loan has a specified term and will usually require that it be paid in full on the maturity date (usually 5-10 years).

Loan Term: The time period over which the loan must be repaid. 

Loan-to-Value-Ratio: The loan amount divided by the appraised value of a property.