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LANDSCAPING Shrubs, bushes, trees and the like, on the grounds surrounding a structure. LOAN-TO-VALUE RATIO (LTV) The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property. JUNIOR MORTGAGE A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first. BUFFER ZONE A strip of land separating one parcel from another. LANDLORD The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord. RECONVEYANCE The transfer of property back to the owner when a mortgage loan is fully repaid. |
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