Terms with Tag Realty

  • Lakefront (lkfrt)Abbreviation,
    • 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.
    • Land Transfer Tax Act (LTTA)Acronym, Canada,
      • Landlord Definition,
        • One who rents or leases his or her property to another person or a business.
      • Lanesborough Real Estate Investment Trust (LREIT) Company, Winnipeg, Manitoba, Canada,
        • 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 Definition,
          • The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
        • Lease Option Definition,
          • 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) Abbreviation,
          • 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 Definition,
          • 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.
        • Licensed Real Estate Agent (LREA)Acronym,
          • 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 Definition,
            • 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 Open House (LOH)Acronym,
            • Live-work Space Definition,
              • A dwelling, such as a loft, in which the occupant both lives and conducts business.
            • Living Area (LA)Acronym,
              • 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.
              Compare. Calculate. Apply today.
              Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage