Real Estate Glossary

Real Estate Glossary

There are 23 entries in this glossary.
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Glossaries

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Term Definition
Land Contract

An installment contract for the sale of land whereby the seller has legal title until paid in full. The buyer has equitable title during the contract term.

Land, Tenements and Hereditaments

Originally used to describe freehold estates only. The terms have come to mean the most technical and all-inclusive description of real estate.

Landlord's Lien

Several types of landlord's liens are created by contract or by statute. Some examples are: (i) a contractual landlord's lien; (ii) statutory landlord's lien; and (iii) landlord's remedy of distress (or right of distraint), which is not truly a lien but has a similar effect.

Landlord's Warrant

A warrant enabling a landlord to levy upon a tenant's personal property (e.g., furniture, etc.) and to sell this property at a public sale to collect delinquent rent.

Lease

An agreement whereby the owner of real property (i.e., landlord) gives the right of possession to another (i.e., tenant) for a specified period of time (i.e., term) and for a specified consideration (i.e., rent).

Lease Commencement Date

The date on which beneficial occupancy commences and the legal terms of the lease go into effect.

Leasehold Improvements

Improvements made to leased premises by a tenant. See Also: Tenant Improvements

Legal Description

A method of geographically identifying a parcel of land that is acceptable in a court of law.

Legal Owner

The term is used to distinguish the legal owner from the equitable owner and not as opposed to an illegal owner. The legal owner has title to the property, although the title may actually carry no rights to the property other than to act as a lien.

Legal Title

Usually title without ownership rights, such as the title placed in a trustee under a deed of trust, or the title in a vendor under a land contract.

Letter of Attornment

A letter from a grantor to a tenant, stating that a property has been sold, and directing rent to be paid to the grantee (i.e., the new owner). See also "Attorn."

Letter of Credit

An engagement, pledge or commitment by a bank or person, made at the request of a customer, stating that the issuer will honor drafts or other demands for payment upon full compliance with the conditions specified in the letter of credit.

Letter of Intent

A formal method through which a prospective developer, buyer or tenant expresses his/her interest in property. Depending on the language, a legal obligation may be created.

Lien

An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens.

Lien Waiver (Waiver of Liens)

Generally, a waiver of mechanic's lien rights signed by a general contractor and his subcontractors.

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