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Word |
Definition |
| Letter of Intent |
A formal method of stating that a prospective developer, buyer or lessee, is interested in property. Not an offer and creates no obligation. |
| Liens |
An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances are not liens |
| Loan Package |
The file of all items necessary for the lender to decide to give or not give a loan. These items would include the information on the prospective borrower and information on the property. |
| Loan-to-Value Ratio |
The ratio, expressed as a percentage, between the amount of the mortgage loan and the appraised value of the property |
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