Vocab: L Flashcards
Land Sales Contract
An agreement infrequently used by a carryback seller in a sale of property to retain title to the property until all or an agreed part of the purchase price has been paid. Also called a land-contract, conditional sales contract, installment sales contract or real property sales contract.
Landlord
One who rents their property to another. The lessor under a lease
Lead Based Paint Hazard
Any condition that causes exposure to lead from lead-contaminated dust, soil or paint which has deteriorated to the point of causing adverse human health effects.
Leasehold Estate
A tenants right to occupy real estate during the term of the lease
Lessee
One who contracts to occupy and use property for the payment of rent under a lease agreement; a tenant.
Lessor
An owner who enters into a lease agreement with a tenant; a landlord
Leverage
The use of debt financing to acquire property to maximize the return on cash invested, the loan-to-value ratio.
License
The personal right held by an individual to the nonexclusive use of property owned by another person.
Life Estate
An interest held in a parcel of real estate lasting the lifetime of the named life
Limited Liability Company
An entity formed for the purpose of holding title and operating real estate for a group of investors. The members of an LLC are not liable for the LLCs debts and obligations
Liquidated damages
A provision in a purchase agreement specifying the amount of money the seller will receive from the buyer if the buyer breaches the contract.
Lis Pendens
A notice recorded for the purpose of warning all persons that the title or right to possession of the described real property is in litigation;
Littoral Rights
Rights to shorefront land held by landowners whose property borders large, navigable lakes and oceans
Loan-to-value-ratio
A ratio stating the outstanding mortgage balance as a percentage of the mortgaged property’s fair market value. The degree of leverage.
