Land Registration
Process wherein, a legal document records the ownership of property and land by the buyer/ transferee.
Latent defect
A defect with property which cannot be discovered by the buyer with ordinary diligence.
Lawsuit
Legal proceeding filed before a court by one person or entity against another person or entity.
Lease
A contract between the owner of real property, called the lessor, and another person, called the lessee, covering conditions under which the lessee may occupy and use
the property for a fixed or indefinite period of time.
Lessor
A person who gives the property on lease is called a "Lessor".
Lessee
A person who takes the lease is called a "Lessee".
Lease agreement
A formal legal document signed between landlord and tenant which describes the terms of occupancy by the tenant.
Lease Commencement Date
The date usually constitutes the commencement of the term of the Lease for all purposes, whether or not the tenant has actually taken possession, so long as beneficial occupancy is possible.
Lease Term
The time period for which the
lease agreement has been made.
Leasehold Improvements
Improvements made to the leased premises by or for a tenant.
Leasehold interest
The right to hold or use property for a fixed period of time at a given price without transfer of ownership.
Leasehold property
Leasehold Property is property leased to a lessee
for a stipulated period.
Legal Charge
This is a legal document that records the data of rightful owner of a property or land.
Legal description
A formal written geographical description of a property or real estate, by government survey, including a description of any part of land mentioned for an easement or reservation.
Legal owner
The legal owner of the title to the property.
Letter of intent
An initial document stating that the buyer intends to purchase the property.
License
A license means permission - permission to use the owner's property on certain terms.
Licensee
The entity (individual or organization) receiving the license
and enjoying the rights of it.
Licensor
The entity (individual or organization) granting the license for intended use by the licensee.
Lien
A charge or claim that one person (lienor) has on the property of another (lienee) as security for a debt or obligation.
Litigation
The process of formally filing a legal case by the opposing sides in a lawsuit before a judge, jury, or other court officer.
Lease Option
A lease that confers the right to purchase the property
for a specific price within a certain time frame.
Legal Description
A written description by which property can be located definitely by reference to government surveys or approved recorded maps.
Leverage
The use of a small amount of cash to control a large amount of property values.
Liquidate
Disposal of property or settlement of debts.
Liquidity
The ability of property to be exchanged for cash.
Lis Pendens
A notice recorded for the purpose of warning all persons that the title or right of possession of a certain real property is in litigation.