land
Ground with all permanent overground and underground attachments like trees, minerals, etc.

land bank
A stock of land held by a developer for future development.

land grant
A gift of government land to an individual or corporation.

land owner
A person or body corporate that owns the land.

land reclamation
Creation of habitable land by filling up low-lying lands, wetlands, lakes or portions of the seashore.

land records
The records maintained under the provisions of, or for the purposes of, the relevant land revenue code and includes a copy of maps and plans or a final town planning scheme, improvement scheme or a scheme of consolidation of holdings that has come into force in any area under any law in force.

land use planning
The drawing up of long-term plans for the use of land in a particular area or region.

landing
A flat platform at the top, bottom or in the middle of a flight of steps.

landlocked parcel
A plot of land entirely surrounded by other privately owned lands.

landlord
The owner of a property that has been leased.

landlord’s improvements
Any work of a capital nature, i.e., other than maintenance or repair, undertaken by the landlord, or by the tenant at the landlord’s expense, which increases the value of the landlord’s interest in a property.

landscape
The setting of the land surrounding a building or structure. Nowadays, this is often done artificially to increase the value of the property.

landscape architect
A person who plans and designs the decoration of the land surrounding a building or structure. This can be done by adding features such as water bodies, pavements, gardens, etc.

land-use planning certificate
Document stating zoning and landplanning parameters.

land-use right certificate
Document stating right to possess a specific plot of land for a stated period of time.

latent defect
A hidden or concealed defect inherent in the design or construction of a building, which could not be discovered by inspection, despite reasonable care.

lateral support
The right of a landowner to the natural support of his land by adjoining land. The adjoining owner has the duty not to change his land (such as lowering it) so as to cause this support to be weakened or removed.

layout
Design, plan or arrangement of any given space, such as the rooms or apartment, etc.

lean-to
A shed built against an adjoining the wall of another building, with three walls and a sloping roof.

leasable area
Area by which rental is based on, usually equivalent to gross area.

lease
A contract by which an owner of a property (known as lessor) gives the right of possession and use to another person (lessee), for a specified term and against a specified consideration.

lease agreement
An agreement recording a lease between a lessor and a lessee.

lease restructure
Whereby an existing lease is terminated / surrendered early and a new lease is signed on the same terms and conditions save for rent, incentives and term dates.

lease with option to purchase
A lease agreement which gives the lessee the option of purchasing the property within or on or after a specified date. The price and conditions under which such purchase will take place are usually mentioned in the agreement.

leaseback
An arrangement where a property is sold by a seller to a buyer and then leased to the former. Chronologically, the lease takes effect only after the sale, but they are considered part of the same transaction.

leasehold
A property that is held under a lease. The title of the property remains with the owner who receives a lease rent which may be paid monthly, quarterly, annually or in lump sum for the entire period of the lease. The property reverts back to the owner after the period of the lease.

leasehold improvements
Additions, alterations and improvements made to a leasehold property by the lessee.

leasehold value
Total value of a leasehold right.

legal description
A description (of land, or any other thing) that is acceptable in a court of law.

legal owner
A person or corporation or trust with a legal title over a property.

legal title
Title recognized by law as the root of most other subordinate forms of title, eg., lease or mortgage. However, legal title can be encumbered by a lease or mortgage, such that transfer of title will not affect the rights of those with other forms of interest over the property.

lemon
A property that has considerably under performed on its proforma or has little likelihood to perform as expected.

lender
An individual or corporate body which loans money that has to be repaid.

lessee
The person or corporate body that takes a property on lease.

lessee improvements
To enhance the demised premises for the tenants business operations, the tenant is entitled to carry out interior works with prior intimation to the landlord and subject to necessary approvals from the local authorities.

lessee’s indemnification
The lessee will indemnify the lessor/landlord against all and any loss or damage which the lessor/landlord may sustain by reason of claims brought against the lessor alleging bodily harm, injury and death to any person or damage to property which has been mutually discussed, described and agreed in the agreement.

lessor
The person or body corporate that leases out a property.

lessor’s indemnification
The lessor/landlord will indemnify the lessee against all and any loss or damage which the lessee may sustain by reason of claims brought against the lessee alleging bodily harm, injury and death to any person or damage to property that has been mutually discussed, described and agreed in the agreement.

lettable area
Floor area allocated to a unit or space and quoted for leasing purpose. The area is usually measured from the exterior of the enclosing walls of the units and includes the unit’s share in the common area.

letter of comfort
A letter from a third party to one of the parties to a contract giving an assurance that the recipient may expect the other party to, for example, honor some specified undertaking given in the contract, behave in a manner consistent with the understanding between the parties, be in a position to finance the deal or continue in existence as a subsidiary of the author. In property terms, in particular, such a letter may be written by a bank or other financial institution on behalf of a prospective developer, purchaser or lessee. The purpose is to give confidence to the recipient that the other party will have the resources to complete the contract or in other respects may be relied upon to act in accordance with what is promised. Whether such a letter will be legally binding as a distinct from giving the author a moral responsibility depends upon the circumstances of each case.

letter of intent
A letter written by a party or joint venturer expressing an intention to proceed with the transaction in the future. A letter of intent is not usually legally binding.

letting
Leasing or renting.

liability
Debts and other obligations due to other parties.

license
An official document giving a person or corporate body the permission to do something, such as enter, live in or use a property.

licensee
A person who has a license.

lien
The security provided when money is advanced against property.

life
The time period during which a contract is valid.

life tenant
A person whose lease rights are valid only during his or someone else’s lifetime.

light and air easement
A right restricting neighboring buildings from obstructing the flow of light and air. For example: the owner of a property may obtain light and air easement from his neighbor to ensure than his garden continues to get unrestricted sunlight at all times.

light industry
Industries that do not cause pollution.

light well
A shaft that lights up and ventilates the inside rooms of a building.

limited recourse loan
A lender who offers a limited recourse loan will in the event of the borrower defaulting only have recourse to property secured under the loan agreement and not to the unsecured property of the borrower.

line of credit
A sum of money that is sanctioned by a bank or a lending institution for use by a borrower. Any amount up to the value of the sanctioned amount is then available on call for a given period of time.

lineal
A measure of distance rather than a measure of area.

liquidated damages
A pre-determined amount that has to be paid by a party who breaches a contract. The amount, or a method to arrive at the figure, is mentioned in the contract. Such amount has to be a close approximation of the losses incurred.

liquidation
The sale of all financial assets to settle debts or claims following the closure of a business.

liquidity
The state of having ready cash or easily encashable assets.

Listed Property Trust (LPT) (AUS)
This represents the listed security market in Australia, similar to REITs elsewhere in the world.

listing
1) The act of getting the shares of a company registered on a stock exchange, following which the general public can buy and sell such shares. 2) The listing or recording of a property that is for sale or lease.

littoral rights
The rights of persons or countries with lands along the shores of oceans or lakes.

livability
The minimum standards prescribed by governments for dwelling units.

loan
The advance of a sum of money to another on the promise of repayment.

loan broker
Someone who arranges a loan in return for a fee.

loan commitment
An agreement to extend a loan on given terms.

loan package
The sum total of all terms, conditions and information that go into a loan.

loan value
Value of the property which is a certain percentage of its market value which the bank is willing to lend with only the property as security.

lobby
Area just inside an apartment, building, hotel, theater or house that leads on to the more functional areas.

location
Geographical position of a person or thing or structure. Good or bad locations depend on the intended use of the property.

lock-in period
A period mentioned in the agreement during which neither party can terminate the agreement.

lodging
The act of temporarily staying at a place, usually at a daily or weekly rental.

logistics
A specialty within the supply chain process that plans, implements and controls the efficient flow and storage of goods, services and related information between the point of origin and Point of consumption in order to meet customers’ requirements.

long-term capital gain
Profit on the sale of an asset that has been held for a given period of time (usually more than one year; the period varies from country to country). Such profits are usually taxed at a rate lower than the highest rate of income tax.

long-term financing
An agreement for the advance of money for a long period of time. The legal definition of “long-term” varies from country to country.

long-term lease
A lease agreement that is valid for a long period of time. The legal definition of “long-term” varies from country to country.

loss of access
The taking away of the right to enter or exit a property.

lot
A portion or part of a property.

lump sum (building) contract
A contract placed with a builder at a fixed price.

luxury apartment
An apartment that has the top luxury facilities and amenities.