You've probably heard some real estate terms and are wondering what in the world they mean. Use this glossary to look them up! If you are wondering what a word or phrase means and I don't have it in the glossary, please send me an email asking!

Lease
A binding agreement that contains the terms and conditions of a renter's occupancy.

Lease Option
A lease that contains the right to purchase the property for a specific price within a certain time frame.

Legal Description
A specific way of identifying and locating a piece of real estate that is acceptable to a court.

Lien
A claim against a property in satisfaction of a debt. It can be voluntary, such as a mortgage, or involuntary such as for back taxes.

Life Cap
Limits the amount that a loan rate can change during the mortgage term. For example, if the rate on an adjustable-rate mortgage begins at 5 percent and has a life cap of 6 percentage points, it can't go over 11 percent.

Listing Contract
An agreement whereby an owner engages a real estate agent for a specified period to sell property, for which sale the agent receives a commission.

Lockbox
A key-safe for the keys to the property left at the property to assist Realtors in showing the property when the occupants are away. Only Realtors have access to these, thus insuring security.