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GLOSSARY
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Lease
An agreement by which an owner of real property (lessor) gives the right of possession and use to another (lessee), for a specified period of time (term) and for a specified consideration (rent).
Lessee
The party to whom a lease (the right to possession) is given in return for a consideration (rent); tenant.
Lessor
The party who gives the lease (right to possession) in return for a consideration (rent); owner.
Lien
An encumbrance against property for money, either voluntarily or involuntarily.
Loan-to-Value Ratio (LTV)
The ratio between the principal balance of a mortgage on a property and the appraised value (or sale price) of the property. Example: if a home is appraised at $100,000 with an $85,000 mortgage, the LTV is 85%.
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