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Laminated Wood Wood such as plywood, which is constructed in sheets, or veneered wood, such as cheaper softwood, covered with a layer of more expensive hardwood, and glued together.
Land The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as
Land Cost All costs connected with the purchase of land, e.g., purchase price plus recording fees, escrow costs, interest on loans, pre-construction property taxes, etc.
Land Lord One who rents his or her property to another. The lessor under a lease.
Land Use Map A map of a given area, showing the different land uses in the area.
Land Use Planning The Development of long range plans for the use of land in a given area, such as through zoning plans.
Landscape A picture of single view of inland scenery. In real estate terms, the surroundings of a structure which provide the setting for that structure. To landscape is to modify the natural setting.
Landscape Architect One who, as a profession, plans and designs landscaping. Colleges now offer a degree as a landscape architect.
Landscape Architecture The designing and planning of landscaping by a landscape architect.
Landscaping The act of modifying a landscape, or features used in such modification, such as trees, lawns, grade changes, etc.
Latitude A business which provides, at its location, laundry equipment (coin operated) for self service use by the public.
Lavatory (1) A basin or sink for washing ones hands and face. (2) A room containing a sink and toilet.
Layout (1) The arrangement or plan of any given area, such as the rooms within a structure. (2) The plans (drawings) showing the arrangement of a given area.
Lease A contract, whereby for consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, month to month, or at
Lessee The tenant in a lease.
Lessor The landlord in a lease.
Letter of Intent A non-obligatory expression of intent, conditioned on receipt and approval of further documentation and /or the issuance of a qualification permit. The letter of intent may be issued by an investor i
Lien A right given by law to a creditor to have a debt or charge satisfied out of the property of the debtor. It applies to a particular piece, or pieces of real or personal property.
Life Estate An estate or interest in real property, which is held for the duration of the life of some certain person, it may be limited by the life of the person holding it or by the life of some other person.
Light and Air Easement An easement restricting the servient tenement from obstructing the light and air ( usually the view ) of the dominant tenement. For example: A developer builds a resort hotel. He may wish to obtain a
Limited Access Highway A highway with access only at spaced intervals, usually by the use of ramps. Abutting property occupants have no access other than at the regular stated intervals. Also called a Controlled Access High
Line Fence A fence erected along the property lines of a ranch of farm.
Live Load A load which may be removed or replaced on a structure but is not necessarily a dynamic load, which includes impact effects, such as people walking on a surface.
Load (1) A weight carried or supported by something, such as by “load-bearing” members of a building, or the weight carried in a ship, truck, etc. (2) The power of an electrical charge.
Load-Bearing Supporting weight in addition to its own vertically, or supporting pressure laterally.
Loan The lending of funds from a lender to a borrower which may take one or more of the following forms: (a) Take-Out or permanent Loan-Normally a self-amortizing loan made after construction, fro the pur
Local Government City, county, or other governing body at a level smaller than a state. Local government has the greatest control over real property.
Long Term Capital Gain Gain on the sale of a capital asset which has been held for a specified time or longer. Long term capital gain is taxed at a special rate and not as ordinary income.
Longitude The East-West circle around the earth, measured in relation to the meridian or latitude (North-South Circle). It is measured from the Greenwich Meridian.
Luminous Ceiling A ceiling emitting light from its entire surface, through the use of fluorescent light above translucent glass or plastic.
Loc Location
LR Living Room
Landlord 1. Means any person who is for time being, receiving or entitled to receive rent in respect of any premises whether on his own account or on account, or on behalf, or for the benefit of any other pers
Lease & Lessor A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money,
Lease Agreement An oral or written agreement (a contract) between two people concerning the use by one of the property of the other. A lease should cover basic issues such as when the lease will begin and end, the re
License The lawful grant of a right to do something which would otherwise be illegal or wrongful. It may be gratuitous, contractual or coupled with an interest in land. The grantor of license is the licensor
Load Bearing The capacity of an element in a building structure to support a weight in addition to its own, whether vertically or laterally. Thus, a load-bearing wall is one which supports part of the structure, i
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