KICKBACK:
Gratuitous payment made to a person for a referral of business.
LAND LEASE:
A rental agreement for the use of land but not the improvements thereon.
LAND SALE LEASEBACK:
An arrangement where a person sells property to another but immediately rents it from the purchaser.
LAND USE SUCCESSION:
The gradual change in the use of land in a neighbourhood over a period of years.
LAND/BUILDING RATIO:
A comparison of the value of the land with the value of the improvements to that land.
LANDLORD:
Also known as "lessor". The owner of a property who allows other persons to occupy a property in exchange for periodic payments of rent.
LANDMARK:
Any object which is fixed to the ground and may serve as a guidepost for a survey or boundary. Also known as "monument".
LATE CHARGE:
A fee or penalty to be paid to a lender for a payment which is delivered after it is due.
LATENT DEFECTS:
Problems with a property or building which are not visible to the casual observer but which may surface later. A vendor must disclose to a purchaser any serious latent defects of which he has knowledge.
LEASE:
A written agreement to rent a property or part of a property from the owner. Sets out premises rented ("demised premises"), amount to be paid, payment period, and other rights and obligations of the landlord and tenant.
LEASE WITH OPTION TO PURCHASE:
A rental contract which allows the tenant to purchase the property during the period of the lease. Payments under the lease may be credited (in whole or in part) against the purchase price.
LEASEHOLD IMPROVEMENTS:
Additions to a rented premises made by the tenant, often in the nature of a fixture, which may be removed by the tenant at the end of the lease term if no damage ensues to the premises and if the lease permits.
LEASEHOLD MORTGAGE:
A loan secured against a tenant's interest in a property.
LEGAL DESCRIPTION:
A description of a piece of real estate that is drafted according to legal requirements and which clearly and adequately establishes the identity of the property so described. Found in most instruments for registration on title to land.
LENDER:
Any individual or company which provides money to third parties in return for periodic payments of interest and principal over time.
LESSEE:
A tenant under a lease.
LESSOR:
A landlord under a lease (the owner of the property being rented).
LET:
To lease or rent part or all of a property to a third party.
LIEN:
A legal claim against property for moneys owed.
LIEN HOLDER:
The person who has the claim against the property.
LIFE CAP:
The maximum interest rate chargeable under an adjustable or variable rate mortgage over its life.
LIFETIME PAYMENT CAP:
The maximum increase or decrease in the amount of each periodic payment allowable over the life of an adjustable or variable rate mortgage.
LINE OF CREDIT:
A very flexible form of loan in which the lender agrees to make a certain amount of money available to the borrower at a certain rate of interest. The borrower may use as much of the amount available as she wishes and may pay out all or any part of the amount owing at any time or re-borrow such funds at her leisure.
LIS PENDENS:
meaning "suit pending", a recorded notice of a legal claim which may affect ownership of a parcel of land.
LISTING BROKER (AGENT):
The real estate professional who acts for the vendor in marketing a property for sale.
LOCK OR LOCK IN:
Obtain a commitment from a lender to guarantee a certain interest rate or other loan feature for a set period of time.
LOCK PERIOD:
The time span over which the lender guarantees a feature of a loan.
LOT:
A measured section of land, often a particular parcel of land on a registered plan.
LOT LINE:
The legal perimeter of a parcel of property, often shown on a survey of the property.
