L

Lock-in period

The time period during which the lender has guaranteed an interest rate to a borrower.

Loft

(1) A style of residential construction. In Houston the term "loft" is used quite liberally.  It may refer to an older building that has been converted into residential condominiums, or it may mean a new mid-rise project with a "loft-style" finish to the units.  There are also new construction townhomes that are promoted as being "lofts".  A builder creates new loft space by leaving exposed brick walls, bare polished concrete floors and having unhidden heating ducts, trusses, etc.
(2) An upstairs room or area that has an open wall, overlooking a room or area below.

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