Real Estate City Glossary

Real Estate City Glossary L
(Lacing -Latent Defect)

A1 | A2 | A3 | A4 | B1 | B2 | B3 | C1 | C2 | C3 | D1 | D2 | E1 | E2 | F1 | F2 | F3 |
G1 | G2 | H1 | H2 | I1 | I2 | J | K | L1 | L2 | L3 | M1 | M2 | M3 | N | O1 | O2
| P1 | P2 | Q | R1 | R2 | S1 | S2 | T1 | T2 | U | V1 | V2 | W1 | W2 | X | Y | Z

Lacing
Interweaving of roof shingles at intersections.

Land Contract
A type of creative financing in which a down payment is made and periodic payments are made at intervals to pay off the balance. The purchaser may use, occupy and enjoy the land but no deed is given by the seller until the total price is paid off.

Land Cost
Total cost of purchasing a land parcel, including purchase rice, closing costs, commission, and finance charges.

Land Development
Process of developing raw land by planning and building homes, shopping centers, schools or churches. Initially, the development process includes construction of streets, sewers, utilities and other resources.

Land Residual Technique
An appraisal method of estimating the value of land when given the net operating income and the value of improvements.

Land Sale-Leaseback
Sale of land and immediate leasing back by the original owner, whereupon the original owner can realize the capital value of the property and still retain its use.

Land, Tenements and Hereditaments
Phrase from early English law used to describe al types of real estate property, improvements to he land, and all rights accruing to the land.

Land Use Planning
Activity, generally conducted by a local government, which provides public and private land use recommendations consistent with community policies and is generally used to guide decisions on zoning.

Land Use Regulation
Government ordinances, codes and permit requirements intended to make the private use of land and natural resources conform to policy standards.

Land Value Map
Map delineating property values over a designated area.

Landing
A platform at the end, top or bottom of a flight of stairs.

Landlocked
Parcel of land that has no access to a public thoroughfare, except through adjacent property.

Landlord
Person or business owning property that is rented out to tenants.

Landlord's Lien
Landlord's right to receive the value of the tenant's property to pay for unpaid rents or for damages to the lease premises.

Lapse of Consent
Granting of a consent to sever or subdivided

Late Charge
Fee imposed by lender when an interest payment is not paid by the due date.

Latent Defect
Hidden defect.