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L
Land Bank
A supply of land allocated for a specific use
Lease
A contract granting use or occupation of property during a specified
time for a specified payment
Leasehold
An estate or interest in the land defined by a lease contract for a
specific period and usually for the payment of rent. The lease
transfers the rights of occupation of the property to the lessee who
is often subject to covenants as to use, term and rental etc.
Letter of Appointment (LA)
A legal binding document in which the seller appoints the real
estate agent or agency to rent or sell the property on the seller's
behalf.
Letter of Offer (LO)
A legal contract stating the terms and conditions of a loan.
Letter of Offer and Acceptance (LOA)
Contract to purchase from a buyer to a seller.
Liens
A special encumbrances that make the property security for the
payment of a debt or obligation, such as mortgages and taxes.
Listing Contract
Agreement whereby an owner engages a real estate company for a
specified period to sell property, for which upon sale the agent
receives a commission.
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