LEASE OPTION TO PURCHASE >> A lease containing a clause that allows the tenant the right to purchase the property under specified conditions.

LEASEHOLD >> A tenant?s right to occupy real estate during the term of the lease. This is a personal property interest.

LEASEHOLD ESTATE >> A kind of real estate ownership through which the property owner doesn?t hold title to the property , but instead has use of the property subject to the terms of the lease.

LEGAL DESCRIPTION >> A method of geographically identifying a parcel of land that is acceptable in a court of law.

LEGAL TITLE >> The manner in which property ownership is recorded with the county in which the property is located .

LIABILITIES >> The debts of a person or business.

LIBOR >> An acronym for London Interbank Offered Rate, one of several published indices. It?s the average rate of interest that major London banks charge as they lend to one another.