Terms with Category Real Estate

  • Investment Property Bank,
    • Property bought with the hope of it making money.
  • Jack and Jill Bathroom Definition,
    • A bathroom shared by two bedrooms.
  • Joint Tenancy Bank,
    • When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
  • Joint Venture Bank,
    • A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.
  • Jointly-owned Property Bank,
    • A property held in the name of more than one person.
  • Key Lot Definition,
    • A lot of which ownership is essential in acquiring a piece of land for development, either because of its strategic location or the timing of the acquisition.
  • Land Definition,
    • The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
  • Land Contract (LC) Acronym,
    • An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
  • Land Lot Definition,
    • A piece of land owned by an individual or entity.
  • Land Title Definition,
    • The legal document conveying title to a property.
  • Land Titles System Definition,
    • This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.
  • Land Transfer Tax (LTT) Acronym,
    • A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
  • Landlord Bank,
    • One who rents or leases his or her property to another person or a business.
  • Latent Defect Definition,
    • A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.
  • Lease Extension Bank,
    • The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
  • Lease Option Bank,
    • A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
  • Leasehold (l/h) Bank,
    • Land or property held under a lease for a term of years.
  • Legal Description (lgdc) Abbreviation,
    • A way of identifying a piece of property in writing that is acceptable to a court.
  • Legal Fees and Disbursements Bank,
    • Charges paid on your behalf by a solicitor that are in addition to professional costs.
  • Lessee Definition,
    • The person who signs a lease.
  • Lessor Definition,
    • The person who grants a lease.
  • Letter of Intent Definition,
    • A formal notification that a buyer intends to buy property. It is not legally enforceable.
  • Lien Definition,
    • A legal hold or claim of a creditor on the property of another.
  • Lien Holdback Definition,
    • The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
  • Liquidation Bank,
    • To settle the outstanding debts by selling property.
    • To convert into cash.
    • The practice of selling or redistributing some or all of a business's assets in order to repay debts or pay investors if the business becomes insolvent or is sold in full or in part.
  • Lis Pendens Definition,
    • A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
  • Listing Inventories Definition,
    • The dwellings for sale in a given market.
  • Live-work Space Definition,
    • A dwelling, such as a loft, in which the occupant both lives and conducts business.
  • Load-bearing Wall Definition,
    • Any exterior wall or interior wall that supports its weight and the weight of other parts of the building.
  • Local Improvement Charge Definition,
    • A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
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