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L

Latent Defect

An invisible problem in a piece of property such as bad wiring, termite damage, or lead paint.

Liabilities

A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.

Lien

A legal claim against a property that must be paid off when the property is sold.

Liquid Asset

A cash asset or an asset that is easily converted into cash.

Listing

A piece of property placed on the market by a listing agent.

Lock-In

A written agreement in which the lender guarantees a specified interest rate if a mortgage goes to closing within a set period of time. The lock-in also usually specifies the number of points to be paid at closing.

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