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L |
| Land Tax |
A state government tax charged to the owners of investment property based on the value of the property and to the to the owners of any occupier properties valued over a higher threshold. |
| landlord |
A person who rents property to another; a lessor. |
| Land Transfer Fee |
A state government tax assessed on the selling price of a property. |
| 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 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. |
| liabilities |
Debts or obligations owed by a person or entity. |
| lien |
A legal claim against a property that must be paid off when the property is sold. |
| life estate |
A freehold interest in real property. It expires upon the death of the owner or some other specified person. Also called Tenancy for Life. |
| line of credit |
An agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose. |
| liquid asset |
An asset that can be converted into cash. |
| listing |
A written contract between an owner and a real estate agent, authorising the agent to perform services involving the owner's property. |
| loan |
A sum of borrowed money, called principal, that is generally repaid with interest. |
| Loan Application Fee |
A fee paid to a lender for processing a loan. Also called Establishment Fee. |
| Loan Maintenance Fee |
A loan management fee charged over the life of the loan and often referred to as an ongoing fee. |
