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Glossary Of Real Estate Terms
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Glossary L


Lender:

A person or organization providing temporary use of money through loans and/or mortgages for the acquisition of real property, usually grouped under three categories: major direct lenders (banks, trust companies, loan companies, credit unions, life insurance companies, finance companies or provincial credit corporations), agent sources (mortgage brokers), and private investors.

Lender Holdback:
Funds not advanced by a lender until specific conditions or requirements are met by the borrower (e.g., re-inspection of the property, electrical service brought up to standard, certain work completed etc.).

Life Insurance on a Mortgage Loan:
Insurance that insures the life of the borrower (mortgagor) for the outstanding balance of the loan.

Listing Agreement:
The legal agreement between the listing broker and the seller, setting out the services to be rendered, describing the property for sale and stating the terms of payment. A commission is generally payable to the broker upon closing.


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