Land Lease
A lease in which only the land is rented, this is also called ground lease. |
| |
Landlocked
Description on a property that does not have access to a public road or street. |
| |
Leach Lines
Conduits for the removal of liquid from a septic tank. The liquid then percolates through the conduit into the soil. |
| |
Lease
An agreement between the owner of a property (lessor) and a tenant (lessee), which gives the lessee possession of the property for a specified period of time in exchange for an agreed-upon consideration. |
| |
Lease with Option to Purchase
A rental agreement indicating a tenant's option to purchase a property. Monthly payments consist not only of rent, but an overage that can be applied towards a down payment on an already established amount. |
| |
Legal Name
Full name, usually given at birth, used by an individual for business purposes. |
| |
Lender
The bank, mortgage company, or mortgage broker offering the loan. Many institutions only "originate" loans and then resell the obligation to third parties. |
| |
Levy
To impose a charge or tax. |
| |
Liabilities
The financial obligations or debts of an individual. |
| |
Liquidated Damages
A defined amount of damages, as outlined in a contract, which is to be paid by the party which breaches the contract. |
| |
Lis Pendens
Latin for “a pending lawsuit”. |
| |
Listing
Written agreement between a property owner and a real estate broker that gives the broker permission to find a buyer or tenant for some property. |
| |
Listing Broker (Agent)
Licensed real estate broker who completes a listing of a property for sale. |
| |
Lot
A parcel of land having fixed boundaries. |
| |
