Real Estate Glossary
Browse the glossary using this index
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leasing agentAgent is employed either by the owner directly or through the owner's property manager. Typical leasing agent services include:
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legal descriptionA description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it. | |
legal willis the device used to direct the distribution of an estate upon the death of the owner. | |
lesseethe tenant | |
lessorthe landlord | |
liability
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liability coverageinsurance provided to protect policyholder against financial losses resulting from claims of bodily injury or property damage. | |
license(1)A privilege or right granted to a person by a state to operate as a real estate broker or salesperson.. (2)The revocable permission for a temporary use of land - a personal right that cannot be sold. | |
lien theorySome states interpret a mortgage as being purely a lien on real property. The mortgagee has no right of possession but must forclose the lien and sell the property if the mortgagor defaults. | |
liensare financial interests in real estate held by someone other than the owner of the property. Financial interests can be created voluntarily when borrowing money to finance real estate or involuntarily by creditors. Liens affect the real estate title and may affect the transfer of ownership. The party holding the lien is called the lienor. The owner of the property subject to the lien is called the lienee. | ||