Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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This is a written agreement between the property owner and a
tenant. This stipulates the payment and conditions under which
the tenant may possess the real estate for a specified period
of time.
Leasehold Estate:
This is a way of holding title to a property. Here, the mortgagor
does not actually own the property but he has rather a recorded
long-term lease on it.
Legal Description:
This is a property description, which is recognized by law. This
is sufficient to locate and identify the property without any
oral testimony.
Lender:
This term can refer to the institution making the loan and also
to the individual who represents the firm. For instance, loan
officers are often referred to as "lenders."
Liabilities:
A person's financial obligations are called Liabilities, which
include long-term and short-term debt, as well as any other amounts
which are owed to others.
Line of Credit:
Line of Credit means an agreement, which is made by a commercial
bank or other financial institution to extend credit up to a
certain amount for a certain time to a specified borrower.
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