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The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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L'Alliance des Caisse... — Legal Description
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Legal Fees and...Life Insurance Policy
L'Alliance des Caisse populaire de L'Ontario — Company, Ontario, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
ladderingDefinition
Staggering deposits into investments such as CDs in order to vary and better the rate of return.
landDefinition
The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
land contract (LC)Definition
An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
land drawDefinition
A construction loan backed by the value of the land.
land lotDefinition
A piece of land owned by an individual or entity.
land titleDefinition
The legal document conveying title to a property.
land titles systemDefinition
This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.
land transfer tax (LTT)Definition
A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
landlordDefinition
One who rents or leases his or her property to another person or a business.
Language Instruction for Newcomers to Canada (LINC) — Canada
  ➥  Provides free basic French and English language courses to new Canadian permanent residents.
lapse ratioDefinition
A ratio that compares how many life insurance policies have lapsed from the beginning year to the end.
lapsed policyDefinition
A policy that is no long in effect due to missed payments, inaction or its term ending.
large value transfer system (LVTS)Definition
System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis.
late chargeDefinition
A fee imposed on a borrower for not paying on time
late paymentDefinition
A sum a borrower sends to a lender that is received past the date when it was due.
late payment charge (LPC) — Acronym
latent defectDefinition
A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.
Laurentian Bank (LB) — Company, Canada
Laurentian Bank of Canada (LBC) — Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages. Also offers reverse mortgages.
Law Society of British Columbia (LSBC) — Company Est.1869, British Columbia, Canada
lawsuitDefinition
A suit brought before a court in order to remedy an alleged injustice.
lead lenderDefinition
A financial institution which heads up a financial consortium or syndicate to provide funds for a mortgage.
League Savings & Mortgage Company (LSM) — Company, Canada-wide
lease (lse)Definition
A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
lease extensionDefinition
The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
lease optionDefinition
A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
leasehold (l/h)Definition
Land or property held under a lease for a term of years.
leasehold mortgageDefinition, Important
A mortgage given by a lessee on the security of his leasehold interests in the land.
legal description (lgdc)Definition
A way of identifying a piece of property in writing that is acceptable to a court.
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L'Alliance des Caisse... — Legal Description
  Next Page
Legal Fees and...Life Insurance Policy

Search the Glossary

Index for The Letter 'l'

Page 1: L'Alliance des Caisse...
Legal Description
Page 2: Legal Fees and Disbursements
Life Insurance Policy
Page 3: Life Insurance Trust
Loan Operating System
Page 4: Loan Origination
Loss Ratio
Page 5: Loss Reserve
Lump Sum Payment

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