Provided by the Real Estate Institute of Australia

LAND AGENT – A term commonly used for estate agents in some States.

LAND BROKER (S.A.) – A person having successfully completed the appropriate education course and obtained a licence from the Land Brokers Licensing Board can then transact business under the provisions of the Real Property Act. Such person after a contract has been signed prepares the necessary documents and adjustment sheets to effect settlement.

LANDLORD – The owner of leased property. The lessor.

LANDSCAPING – The work of the landscape architect, landscape gardener or landscaper; treatment of lawn and plantings to enhance the appearance of a lot.

LAND TAX – An annual tax paid to the state government, calculated according to the value of the property.

LAND USAGE – The use being made of land or the uses permitted under zoning ordinances. Zoning ordinances act to control land usage in a community by establishing building codes and set back requirements. Proper land usage attempts to assign the highest and best use to each parcel.

LEAN-TO – A small structure with a single pitched roof, usually erected against an outside wall of a larger structure.

LEAN TO ROOF – A sloping roof supported on one side by the wall of an adjacent building.

LEASE – Possession but not ownership of a property for a set period of time. The terms and conditions are set out in a document signed by both tenant and owner.

LESSEE – One who possess the right to use or occupy a property under a lease agreement.

LESSOR – Property owner who rents it out.

LIMITED TITLE – The Torrens Title that applies before a property has been surveyed.

LISTING – The recording of properties as being available for sale.

LONG-TERM LEASE – Generally considered to be a lease agreement extending for 10 years or more. Under such leases the tenant may desire, or be required, to do extensive remodelling: or if the property leased is land, to construct a building or other improvements.

L of the A-Z Glossary Provided by the Real Estate Institute of Australia you will find Glossary L, Glossary, A-Z Glossary, Provided by the institute of Australia, if offers you Information, Advice, Help, in regards to Property, properties, apartments, units, buying, selling, and Real Estate, any further questions contact Alan McGillivray, at Alan McGillivray Real estate
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