A fee imposed by a lender when the borrower does not make a payment on time. …
Letter of Intent
A formal statement that the buyer intends to purchase the property for a certain price on a certain date. …
Late Payment
A payment a lender receives after the due date has passed. …
Latent Defect
An invisible problem in a piece of property such as bad wiring, termite damage, or lead paint. …
Lead
A metallic chemical element present in older dwellings, primarily in the form of lead-based paint and lead plumbing. Exposure to lead has been found to be a health risk. …
Leader
A pipe that carries rainwater from the gutters to the ground, sewers, or wells. …