Load Bearing

An element in a building structure( usually a wall) with the capacity to support the weight resting on it in addition to its own.

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Landlord

The person who owns a land or house or real estate, which is rented or leased to an individual or a business organisation.

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Land Tax

It is the state tax based on the value of a property (not the place of residence) paid by the owner.

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Lot and block description

A description of real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as identified on a subdivided plat duly recorded in the county recorder’s office.

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Littoral rights

A landowner’s claim to use water in large lakes and oceans adjacent to her or his property. 2. The ownership rights to land bordering these bodies of water up to the high-water mark.

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Listing broker

The broker in a multiple-listing situation from whose office a listing agreement is initiated, as opposed to the selling broker, from whose office negotiations leading to a sale, are initiated. The listing broker and the selling broker may, of course, by the same person.

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Listing agreement

(1) A contract between a landowner (as principal) and a licensed real estate broker (as agent) by which the broker is employed as agent to list and sell real estate on the owner’s terms within a given time, for which service the landowner agrees to pay a commission. (2) You’ve made the transition to a […]

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Lis pendens

(1) A public notice that a lawsuit affecting title to or possession, use, and enjoyment of a parcel of real estate has been filed in either a state or federal court. (2) A lis pendens is a recorded document that gives notice that a home is subject to a pending legal action, such as a […]

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Liquidity

The ability to sell an asset and convert it into cash at a price close to its true value.

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