Glossary of Terms
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| LANDLORD | |
| The person from whom another holds tenancy. | |
| LEASE | |
| Contract between landlord (lessor) and tenant (lessee) for the occupation or use of the landlord's property by the tenant for a specified time and for a specified consideration (rental). | |
| LEGAL DESCRIPTION | |
| A written description by which property can be located, definitely. | |
| LESSEE | |
| Tenant under a lease. | |
| LESSOR | |
| The person who grants use of property under lease to a tenant. | |
| LIEN | |
| A right, given to a creditor, creating an interest in the real property until the debt is discharged. | |
| LINTEL | |
| A horizontal structural member (beam) that supports the load over an opening such as a door or window. | |
| LIS PENDENS | |
| A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property. | |
| LISTING | |
| An oral or written agreement between a property owner and a broker authorizing the brokerage to offer the owner's real property for sale or lease. | |