Terms Beginning With - L
Property Development & Investment Glossary, Terms & Definitions
The part of the earth's surface that isn't covered in water.
The acquisition of land for future use.
A property transaction in which the seller keeps title to the property while the buyer is given possession and receives ownership after a set debt payoff.
A ground lease is a contract that allows you to rent land
A property that does not have access to a public roadway is said to be in this state.
The person or company who owns a property that is leased to a tenant.
The combining of numerous smaller plots of land into a bigger plot for a specific purpose.
Land sale leaseback
The sale of property and the subsequent leaseback of the land by the seller, who then becomes the landowner's tenant.
A type of real estate ownership that allows for restricted responsibility, conventional tax status, and private ownership.
Hidden flaws that will manifest themselves in the future.
A lease agreement for the use of rented property.
A lease is a legal agreement between a renter and the owner of an interest or estate.
The tenant's interest in the property is encumbered by a lien.
Lease with option to purchase
A lease that gives the lessee the right to acquire property at a certain price and on predetermined terms at a predetermined date.
A person in charge of leasing office space in a building.
A property description that allows it to be located on government surveys or documented maps.
For formal reasons, this is the name.
Other parties must be notified using the means authorised by law.
A person who inherits property through a will.
A person or company that loans money to a borrower in exchange for a fee and expects to be repaid in the future.
The occupant of a leased property.
The person who grants a lessee a lease.
Letter of intent
A nonbinding declaration of intent subject to the approval and additional documentation of a third party.
Level payment mortgage
During the amortisation phase of a mortgage, the same payment is payable each month.
The use of borrowed funds to make a purchase.
To levy or get access to a tax on a person or a piece of property.
A broad phrase that refers to all sorts of debt and liabilities.
Insurance coverage for a property that covers any claims arising from personal injury or damage to the property of others.
The laws of a state that control real estate salespersons' activity.
A debtor's claim against a property.
A freehold interest in real estate that will terminate upon the owner's death or the death of another person.
A person who has the right to utilise property for the rest of his or her life or the life of another person.
Property that is of the same type in a trade.
The investor's liability is restricted to the amount invested.
Investors who have no personal liability beyond their participation in a limited partnership.
A partnership in which the contributions and liabilities of some partners are restricted.
In the case of a contract violation, one party will compensate the other for an agreed-upon amount.
Assets that can be turned into cash quickly.
"Suit pending" (Latin).
In order to obtain a list.
A contract that allows an agent to sell a property on behalf of the owner.
A loan of money for a specific period of time.
A documented application that includes all of the information a lender requires before providing a loan commitment.
A mortgage loan agreement is a written contract created by a lender that outlines the terms and conditions of the loan.
The monthly mortgage payments that amortise a loan are calculated using a factor or multiplier.
Loan-to-value ratio (LVR)
The proportion of a property's appraised worth that a lender will lend to a borrower.
A reference to a site's comparative advantages in terms of ease, transportation, and social benefits, among other things.
A certain amount of time during which a debt cannot be repaid.
Long-term capital gains
The gain on a capital asset kept for a specific amount of time for income tax purposes.
Lot and block
A means of identifying a piece of property.
A structure with one to three levels and usually no elevator.