| L Terms
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Laminated Timber
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Layers of timber glued and pressed together to increase
rigidity or to use as bench tops or cupboard doors.
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Land Tax
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A State tax based on the value of a property (not the principal
place of residence) that is paid by the owner.
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Landlord
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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.
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Lease
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A written agreement between a landlord and a tenant granting
a period of tenancy of a property under specific terms and
conditions.
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Leasehold
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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.
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Lessee
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A person leasing a property.
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Lessor
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The owner of a property that is leased to another person.
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Letter Of Attornment
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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).
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Liabilities
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A list of debts owed.
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Lien
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A legal claim against a property that must be paid off when
the property is sold.
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Life Estate
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Also called Tenancy for Life. A freehold interest (in real
property) that expires upon the death of the owner or some
other specified person.
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Like-Kind Property
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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.
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Line of Credit
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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.
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Liquid Asset
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An asset, cash or otherwise, that can be converted into
cash.
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Listing
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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.
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Listing Agreement
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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.
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Loan
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A sum of borrowed money (principal) that is generally repaid
with interest.
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Loan Application Fee
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Also called Establishment Fee. A fee paid to a lender for
processing a loan.
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Loan to Valuation Ratio
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The amount of the loan financed as a proportion of the property
value, expressed as a percentage.
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Long Term Lease
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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.
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Low Rise
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A building with fewer than 4 stories above ground level.
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Lump-Sum Contract
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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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