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Debt Management and Credit Cards Home
Terminology Financial Terms and Acronyms
Glossary Data Lookup & Reference Services

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73 results. (Showing 1 - 20)   

1. labor banks
Banks owned by labor unions and their members.

2. laissez-faire
The theory that government should have as little influence as possible in the nation's economy.

3. land contract
A type of mortgage in which the seller retains the original loan and the buyer makes monthly payments to the seller to cover the amount of the original loan and any new mortgage. No transfer of title occurs until the loan is fully paid, and thus no equity is established until the debt is completely paid off. Most loans of this type have below-market interest rates and a balloon payment of principal at the end of the term.

4. land development loan
An advance of funds, secured by a mortgage, to finance the making, installing, or constructing of the improvements necessary to convert raw land into construction-ready building sites.

5. land flip
A technique to artificially increase the book value of a parcel of land. The land is sold several times in quick succession among persons acting in concert, with the price increasing each time the land is sold. In a land flip, multiple sales of the same property can occur within a few days.

6. landlord
The owner or lessor or real property.

7. late charge
A penalty fee imposed by a lender for delinquent payments.

8. lease
A contract by which the owner grants the right to possess and use real estate or equipment to another, and which sets forth the terms of payment and other conditions.

9. lease-purchase
A method of acquiring ownership of property whereby all or a portion of rent payments made under terms of a lease may be subsequently applied to the purchase price.

10. leasehold
An interest in an estate held by a tenant who possesses certain rights of occupancy and use by virtue of renting the real property, even though the tenant does not hold title to the property.

11. legal entity
Any individual, partnership, proprietorship, corporation, association or other organization that has, in the eyes of the law, the capacity to make a contract or an agreement and the abilities to assume an obligation and to pay off its debts. A legal entity, under the law, is responsible for its actions and can be sued for damages.

12. legal tender
The coin or paper currency required by law to be accepted in payment of obligations.

13. lend
To grant the temporary use of something with the understanding that it will be returned. Lend - past tense lent - is the verb. Loan is the noun.

14. lending institution
An organization that makes loans.

15. lending policy
An institution's statement of its basic lending philosophy, including standards, guidelines, and limitations that are to be observed and adhered to in the process of deciding whether to grant a loan. The policy must adhere to applicable law and regulations.

16. leniency clause
A provision written into a promissory note spelling out the lender's willingness to adjust loan payments temporarily if a borrower is experiencing severe financial difficulties through no personal fault.

17. lent
Past tense of lend.

18. lessee
A person, business or other organization that is granted the use and possession of property in return for payment of rent. When real estate is rented, the lessee is known as the tenant.

19. lessor
The owner of property who allows another to use and possess it in return for payment of rent. When real estate is rented, the lessor is known as the landlord.

20. letter of credit
A document issued by a financial institution on behalf of a buyer stating the amount of credit the buyer has available, and that the institution will honor drafts up to that amount written by the buyer. It gives the buyer the prestige and financial backing of the issuing institution and satisfies the requirements of the seller in completing the transaction. The accepting institution has a prior agreement as to how the buyer will pay for the drafts as they are presented.

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