Commercial, Residential, Rental Properties in India
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Real Estate Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

L Terms :
Laminated Timber
Layers of timber glued and pressed together to increase rigidity or to use as bench tops or cupboard doors.
Land Tax
A State tax based on the value of a property (not the principal place of residence) that is paid by the owner.
Landlord
A person who rents property to another; a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of rent.
Lease
A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
Leasehold
The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfilment of certain conditions as recorded in a lease agreement.
Lessee
A person leasing a property.
Lessor
The owner of a property that is leased to another person.
Letter Of Attornment
A letter from the grantor to a tenant, stating that a property has been sold, and directing rent to be paid to the grantee (buyer).
Liabilities
A list of debts owed.
Lien
A legal claim against a property that must be paid off when the property is sold.
Life Estate
Also called Tenancy for Life. A freehold interest (in real property) that expires upon the death of the owner or some other specified person.
Like-Kind Property
A term used in an exchange of property held for productive use in a trade or business or for investment. Unless cash is received, the tax consequences of the exchange are postponed pursuant to Section 1031 of the Internal Revenue Code.
Line of Credit
An agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose. See Home Equity Line of Credit.
Liquid Asset
An asset, cash or otherwise, that can be converted into cash.
Listing
1. A written contract between an owner and a real estate agent, authorising the agent to perform services for the principal involving the owners property. 2. The property so listed.
Listing Agreement
An agreement between the owner of a property and a real estate broker giving the broker the authorization to attempt to sell or lease the property at a certain price and terms in return for a commission, set fee or other form of compensation.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Loan Application Fee
Also called Establishment Fee. A fee paid to a lender for processing a loan.
Loan to Valuation Ratio
The amount of the loan financed as a proportion of the property value, expressed as a percentage.
Long Term Lease
In most markets, this refers to a lease whose term is at least three years from initial signing until the date of expiration or renewal option.
Low Rise
A building with fewer than 4 stories above ground level.
Lump-Sum Contract
A type of construction contract requiring the general contractor to complete a building or project for a fixed cost normally established by competitive bidding. The contractor absorbs any loss or retains any profit.


 


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