Real Estate Glossary

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L

life estate

is an interest in real estate with a duration that lasts the lifetime of the holder.

For estate planning - through a life estate, an owner can provide shelter for a loved one while retaining control of the ultimate disposition of the property. Life estates are generally not considered estates of inheritance because the life estate ends with the death of the estate holder.

Keyword(s):

Limited liability company

Is a hybrid comprised of the better features of a corporation and the better features of a partnership. They may have perpetual existence and offers limited liability to the owners (called “members”) along with pass-through of the business’s income to the member’s personal tax return as in a partnership.

Control - can manage business directly or may appoint non-member managers to operate.
Liability - limited liability in the same way shareholders do in the corporation.
Taxes - two or more members as a partnership for tax purposes.
Administrative obligations - resembles the creation of corporations.

Limited partnership

A partnership where there are general partners who operate and manage the business and limited partners who do not operate but are, in effect, investors in the business with an ownership interest.

Control - only the general partners may operate and manage the business
Liability - limited partners are typically liable only for the amount invested
Taxes- income from the partnership flows to each partner based on his or her share of ownership
Administrative obligations - requires registration with the secretary of state

limited warranty deed

A limited warranty deed (also known as a limited warranty deed) limits the grantor's warranty forever to title claims arising during the period of time that the grantor owned property.

Keyword(s):

linkage

is the factor(s) that cause neighbors to feel connected.

Linkages can be anything from a transportation system that permits easy movement within the neighborhood to the social bonds that encourage people to feel a part of the community. Examples include ties resulting from participation in religious exercises, local employment, schools, or other social interaction.

Keyword(s):

liquidated damages

are those damages specified in the contract as the remedy in the event of a default or breach of contract. Often for new construction a liquidated damages clause is included indicating a fee associated with each day the construction is not completed.

lis pendens

A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.

listing agreement

A contract between an owner and a real estate broker (as agent) by which the broker is employed as agent to find a buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission.

littoral

rights granted to owners of land bordering on non-flowing waters such as large lakes and oceans to have access to the water for reasonable uses.

Keyword(s):

Loan Estimate (LE)

three page document that has the accounting for borrowers of the loan.

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