Layers of timber glued and pressed together to increase rigidity or to use as bench tops or cupboard doors.
Land Assembly
The process of forming a single site from a number of land, usually for eventual development or redevelopment. This will include acquisition of individual interest the eventual development or redevelopment. This will include acquisition of the individual interests, removal or discharge of any restrictive covenants or other encumbrances and obtaining physical possession, when required, from occupiers.
Land Tax
A State tax based on the value of a property (not the principal place of residence) that is paid by the owner.
Landlord
The owner of an interest in land who, in consideration of a rent or other payment (e.g. A premium), grants the right to exclusive possession of the whole or part of their land to another person for a specific or determinable period by way of a lease or tenancy.
Lease
A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
Leasehold
The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfilment of certain conditions as recorded in a lease agreement.
Lessee
A person leasing a property.
Lessor
The owner of a property that is leased to another person.
Letter Of Attornment
A letter from the grantor to a tenant, stating that a property has been sold, and directing rent to be paid to the grantee (buyer).
Liabilities
A list of debts owed.
License
The lawful grant of a right to do something, which would otherwise be illegal or wrongful. It may be gratuitous, contractual or coupled with an interest in land. The grantor of license is the licensor and the grantee is the licensee. A gratuitous ("Mere" or "bare") license can always be revoked (i.e. Cancelled), but revocability of a contractual license depends on the terms of the contract. A license coupled with an interest in land may be irrevocable and unlike the other two categories, may be binding on successors in title of the licensor. One example of license is permission, usually required in writing, given specifically by an owner to a tenant, enabling something to be done which otherwise would be in breach of a term of the lease. A license does not itself transfer any interest in the land but may authorise the licensee to enter the licensor's land for some specific purposes of the license; the licensor may enter the land and use it in any way not inconsistent with the rights of the licensee. However, a landlord may authorise by license some act or omission by a tenant, which would otherwise be a breach of the terms of the lease.
Lien
A legal claim against a property that must be paid off when the property is sold.
Life Estate
Also called Tenancy for Life. A freehold interest (in real property) that expires upon the death of the owner or some other specified person.
Like-Kind Property
A term used in an exchange of property held for productive use in a trade or business or for investment. Unless cash is received, the tax consequences of the exchange are postponed pursuant to Section 1031 of the Internal Revenue Code.
Line of Credit
An agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose. See Home Equity Line of Credit.
Liquid Asset
An asset, cash or otherwise, that can be converted into cash.
Listing
1. A written contract between an owner and a real estate agent, authorising the agent to perform services for the principal involving the owners property. 2. The property so listed.
Listing Agreement
An agreement between the owner of a property and a real estate broker giving the broker the authorization to attempt to sell or lease the property at a certain price and terms in return for a commission, set fee or other form of compensation.
Load Bearing
The capacity of an element in a building structure to support a weight in addition to its own, whether vertically or laterally. Thus a load bearing wall is one, which supports part of the structure in addition to its own weight.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Loan Application Fee
Also called Establishment Fee. A fee paid to a lender for processing a loan.
Loan to Valuation Ratio
The amount of the loan financed as a proportion of the property value, expressed as a percentage.
Long Term Lease
In most markets, this refers to a lease whose term is at least three years from initial signing until the date of expiration or renewal option.
Low Rise
A building with fewer than 4 stories above ground level.
Lump-Sum Contract
A type of construction contract requiring the general contractor to complete a building or project for a fixed cost normally established by competitive bidding. The contractor absorbs any loss or retains any profit.
