Landscape
A home's surroundings can range from a shrub-studded emerald lawn to a native-plant xeriscape. It is a major component of curb appeal.
Latent defect
An invisible problem in a piece of property such as bad wiring, termite damage or lead paint.
Lead
A metallic chemical element present in older dwellings, primarily in the form of lead-based paint and lead plumbing. Exposure to lead has been found to be a health risk.
Lease
A binding agreement that contains the terms and conditions of a renter's occupancy.
Legal description
A specific way of identifying and locating a piece of real estate that is acceptable to a court.
Lien
A claim laid by one person or company on the property of another as security for money owed.
Lintel
A horizontal piece over a door or window that carries the weight of the structure above it.
Listing
A piece of property placed on the market by a listing agent.
Live-work space
An officially designated dwelling in which the occupant conducts a home-based business or enterprise.
Load-bearing wall
A wall that supports not only its own weight, but the weight of other parts of a home. Also called a bearing wall.
Loft
A living space not partitioned into rooms or a small space built above a larger room.
Low density
A low concentration of housing units in a specific area.
Low-ball offer
An offer made to a seller that is substantially below market value. The longer a property stays on the market, the more likely there are to be such offers.
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