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Real Estate Terms - L

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Land Grant

A gift of public land by the federal government.

 

Fri Dec 21 2007

Landlord

The owner of rented property. Lease A contract between the owner of real property (lessor) and another person (lessee) covering the conditions by which the lessee may occupy and use the property.

 

Fri Dec 21 2007

Lease with option to purchase

A lease that gives the lessee the option to purchase the leased property according to terms set forth in the contract.

 

Fri Dec 21 2007

Legal Description

The geographical identification of a parcel of land.

 

Fri Dec 21 2007

Legatee

One who receives personal property from a will.

 

Fri Dec 21 2007

Lessee

One who contracts to rent property under a lease.

 

Fri Dec 21 2007

Lessor

An owner who enters into a lease with a tenant (lessee).

 

Fri Dec 21 2007

Leverage

The use of a small amount of cash to control a much greater value of assets.

 

Fri Dec 21 2007

Lien

An encumbrance against real property for money, as in taxes, mortgages, and judgments.

 

Fri Dec 21 2007
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Life Estate

An estate in real property for the life of a person.

 

Fri Dec 21 2007


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