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Houston Mortgage > Glossary >
Mortgage > L 1-10
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Land contract
An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
Late charge
A fee imposed on a borrower for not paying on time.
Late payment
A sum a borrower sends to a lender that is received past the date when it was due.
Late payment fee
Charge imposed on a debtor for not paying on time.
Latent defect
A deficiency in a piece of property that can¡¯t be seen easily, such as termite damage or the presence of dangerous levels of radon.
Lease
A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
Lease option
A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period.
Lease-purchase mortgage
A financing option that allows a potential homebuyer to lease a property with the option to buy. Often constructed so the monthly rent payment covers the owner's first mortgage payment, plus an additional amount as a savings deposit to accumulate cash for a down payment. A seller may agree to a lease-purchase option if the housing market is saturated and the seller is having difficult selling the property.
Leasehold estate
A tenant’s right to use a property for a fixed period.
Legal blemish
A problem with a property, such as a lien on the title or a zoning violation.
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