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Late Charge

As established in the original agreement, the penalty that is due when the borrower fails to pay by a certain number of days after the payment due date. There is usually a 15 day grace period on traditional mortgages before late charges are incurred. Rent payments often have a 3 - 5 day grace period.

See also:
  • Landlord
  • Late Charge
  • Lead Based Paint
  • Lease
  • Lease Purchase
  • Lease purchase option
  • Legal Description
  • Lessee
  • Lessor
  • Lien
  • Lifetime Cap
  • Listing Agent
  • Listing Agreement
  • Listing Broker
  • Listing Contract
  • Listing/Listing Agreement
  • Loan Application
  • Loan commitment
  • Loan Commitment
  • Loan Origination
  • Loan Originator
  • Loan to Value
  • Lock In

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