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Labourer

A person hired by the van operator or agent to assist in the loading and unloading of goods.

Land Contract

A contract agreement in which the seller retains title to a sold property, but gives the property to the buyer so long as the buyer does not default on the terms of the contract.

Landed Value

Value of goods upon arrival at destination, including the cost or value of the goods themselves, plus all costs incurred for packaging, packing, containerization, freight charges, transportation, insurance charge and handling, through to the destination.

Last Receiving

A deadline date and time specified by a carrier by which cargo must be received at a designated location so that such cargo can be boarded on a particular vessel, aircraft, truck or railcar.

Late Charge

A fee charged to the borrower if mortgage payments are received late, or by a customer if a shipment is not picked up or delivered within the specified dates.

Late Delivery

Delivery of goods to the destination after the agreed delivery dates.

Lease

A contract transferring the right to occupy exclusive possession of a property for rent.

Lease Cancellation Penalty

A fee charged to a tenant if he or she breaks the lease before the end of the lease.

Leasehold

A personal property interest a tenant has in property during the term of a lease.

Legal Description

A property description that identifies the location of the property from government surveys and maps, not street address.

Lender

The firm lending money to a borrower in a loan transaction. Also called Mortgagee.

Lender's Inspection Fee

A charge for inspections made by the lender.

Lender's Title Insurance

A title policy protecting the lender against loss due to problems with a title. Usually written for the amount of the loan and paid by the buyer through a onetime premium.

Lessee

A person who rents property under a lease. A tenant.

Lessee Interest

The interest a lessee has in a property if the agreed rent is less than the economic rent.

Lessor

A person who rents property to another. A landlord.

Less-Than-Container load (LCL)

When goods shipped by a carrier, normally a steamship, are placed into a common container with other cargo or loose into the holds of the vessel. Less-Than-Carload applies to rail transport.

Less-Than-Truckload (LTL)

When goods shipped by a carrier share a trailer with other customers' cargo. Also used applicable to rates based on such individual cargo as opposed to full utilization of a trailer.

Letter of Authority

A letter authorizing Matco to move an employee, assuring that the commercial account will pay for the move if no purchase order or order for service is used.

Letter of Credit

An agreement by a bank guaranteeing the bank will honor a customer's drafts or payments.

Letter of Indemnity

A document used to obtain release of cargo from a steamship line without the original ocean bill of lading.

Leverage

The ability to control a large amount of real estate with a little amount of money.

Levy

The process of imposing a tax upon a person or property.

Liability

See Carrier Liability.

Liability Insurance

Insurance to cover property damage and/or bodily injury to someone else.

Lien

A charge a person has on the property of another to secure a debt. For example, a lien can be placed on a property by the government if the taxes were not paid.

Lighter Aboard Ship (LASH)

A vessel that carries floating barges aboard an oceangoing vessel, normally termed the mother vessel. Cargo is loaded onto the barges at a dock or pier facility at the port and then the barges are towed on the mother vessel at anchor in the harbor.

Lighterman

Transports goods on a barge or other water conveyance to/from a vessel within a port or by the same means between two points within the port.

Limited Partnership

A partnership of one or more people who are fully liable and one or more people who are liable only for the amount they have invested.

Linehaul (LH)

The transportation revenues on a shipment.

Listing

A contract between a seller and a broker authorizing the agent to secure the sales of a property.

Living Allowance

See Allowance, Cost-of-Living Allowance, and Goods and Services Differential.

Load Date

The date on which the shipment is actually picked up.

Load Spread

Agreed pick-up dates.

Loan

Money borrowed to be repaid with interest.

Loan Origination Fee

A one-time charge for processing a loan, usually a percentage of the loan amount.

Loan Qualification

The criteria a borrower must meet to ensure his or her ability to make payments on the loan.

Loan Submission

Documents on a property that are used in the review and consideration of a mortgage application.

Loan-to-Value Ratio (LTV)

The ratio of a mortgage's principal to the property's appraised value or sales price, expressed as a percentage.

Local Move

A move within a particular geographical area like a town or district instead of a state or country.

Local Rates

Varying rates charged by a carrier based within a local area.

Lock-In Rate

A fixed interest rate on a mortgage that is set for the buyer to take advantage of during a specified time period.

Log Book

A daily record of the hours worked and the route traveled by a van operator.

Long Carry

Carrying goods the distance from the van to the outside entrance of a home or inside entrance of an apartment in excess of 75 feet. Each 50 feet after, or fraction thereof, is chargeable. See Elevator, Stair Carry and Long Carry Charge.

Long Distance

A shipment that cannot be serviced in one day because of the distance of the move.

Loose Stow

Individual pieces or cartons loaded directly into a steamship or air container for transport, as opposed to the articles being containerized.

Lumper

A person hired by the van operator or agent to assist in the loading and unloading of goods.