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Land
Bank
A supply of land allocated for a specific use.
Lease
A contract granting use or occupation of property during a specified
time for a specified payment.
Leasehold
An estate or interest in the land defined by a lease contract for a
specific period and usually for the payment of rent. The lease transfers
the rights of occupation of the property to the lessee who is often
subject to covenants as to use, term and rental etc.
Legal
Documentation
A documentation
process that states some contractual relationship or grants some right
of both purchaser and seller in a property transaction.
Legal
Fees
Fees incurred from the documentation process.
Letter of Appointment (LA)
A legal binding document in which the seller appoints the real estate
agent or agency to rent or sell the property on the seller's behalf.
Letter of Offer (LO)
A legal contract stating the terms and conditions of a loan.
Letter of Offer and Acceptance (LOA)
Contract to purchase from a buyer to a seller.
Liens
A special encumbrances that make the property security for the payment
of a debt or obligation, such as mortgages and taxes.
Listing Contract
Agreement whereby an owner engages a real estate company for a specified
period to sell property, for which upon sale the agent receives a
commission.
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