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Real Estate Dictionary



"Laissez-Fair" - A French economic term, which say leave alone, let proceed. This expression made used to describe a theory that free trade promotes a better business climate than a situation of government control.

Land - A general term which includes the ground and those things of a permanent nature such as trees, crops, oil and minerals in the ground, unless specifically excepted. See also Plot.

Landlord - The lord of a manor, or of land; the owner of land or houses which he leases to a tenant.

Land Registry Extract - A paper describes the property and its owners. In Hebrew called "Nesach Tabu/Rishum"

Landscaping - Act of modifying a landscape, or features used in such modification, such as trees, lawns, grade changes, etc.

Latent Defect - A hidden or concealed defect. One which could not be discovered by inspection, using reasonable care.

Lease - A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

Leasehold - An estate in realty held under a lease; an estate for a fixed term. Considered in many states to be personal property.

Leasing Contract - The purchaser of any built property, which is on one of the administrated lands by the "Minhal", signs a leasing contract with the Minhal. This contract will ensure the leasing rights for a long term, but the ownership on the land stays of the "Minhal". The contract can be in the "Tabu".

Lease Option - An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price. It is a right of the lessee, and not an obligation.

Lessee - a tenant who holds a lease. Also known as leaseholder.

Lessor - someone who grants a lease. Also known as lease giver.

Letter of Intent - A formal method of stating that a prospective developer, buyer, or lessee, is interested in property. Not an offer and creates no obligation. A builder may use letters of intent to justify a loan to construct a property.

Leverage - Use of debt financing to purchase a property.

Liability - A general term used to describe all types of debts and obligations.

Lifting the Curtain - The fact that shareholders and managers of a firm can be seen as responsible for a bankruptcy and as a consequence their personal properties are subjected to the firm creditors, although it is a limited liability firm.

Limit Order - An order specifying a price at which an investor is willing to buy or sell a security.

Limited Liability (Ltd.) - The fact that shareholders and managers of a firm have no personal liability to the creditors of the corporation in the event of bankruptcy. There are cases in which the limited liability is removed (see Lifting the Curtain).

Linkage Differentials - Differential of price in accordance to consumer price index changes, between current and nominal price value.

Liquidity - The speed and ease with which an asset can be converted to cash.

Liquid Asset - A cash asset or an asset that is easily converted into cash.

Listing - An agreement between an owner of real property and a real estate agent, whereby the agent agrees to secure a buyer or tenant for specific property at a certain price and terms in return for a fee or commission.

Listing Agent - A real estate agent obtaining a listing. The opposite of the selling agent, although an agent can do both.

Loan - A sum of borrowed money (principal) that is generally repaid with interest. A lending of a principal sum of money to one who promises to repay said sum, plus interest. A mortgage is a type of a loan.

Lot - Generally, any portion or parcel of real property. Usually refers to a portion of a subdivision.

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