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|Real Estate Glossary – Real Estate Terms|
Real Estate Topics that Starts with L
Landlord is the owner of a real estate property, a house, a building, an apartment and a condominium which is rented or leased to an individual or business. A landlord may lend his property to a tenant for certain amount of money and for a certain period of time on lease or rent.
Lease is a legal document, which declares the right of a person called tenant to possess the property that belongs to other person called landlord. The relationship between the landlord and the tenant is nothing but tenancy. The lease can be fixed for a specific amount of time and can be terminated sooner.
Lease option is an abbreviated term for lease with option to purchase. It is a type of contract that is used especially in residential real estates. The contract is typically between the two parties, the tenant and the landlord. The tenant will continue to pay the rent to the land owner till the contract and at the end of the contract, the tenant will have an option to purchase the real estate.
For this the tenant has to mortgage some amount of money with a view to pay the owner. In other option he should pay to the landlord, in excess of the usual market value. Excess rent may be charged towards the eventual purchase of the property or towards the down payment of the mortgage. This lease option will helps as an automatic savings plan to the tenant.
Lease hold estate is an ownership interest on land in which a lessee or tenant hold the real property by some form of title from a lesser or land lord. Modern lease hold estate can take one of the forms – The fixed term tenancy, tenancy for years, periodic tenancy, the tenancy at will and the tenancy at sufferance.
When a land owner allows one or more persons, called “tenant” to use his land in some way for some fixed amount of time, the land become a lease hold and the resident – land owner relation is called tenancy. A tenant pays rent to the land owner. The lease hold may include the buildings and improvements made to the land.
In the other words leasehold is a right to use and have exclusive possession of real estate for a specified period and subject to the fulfillment of certain conditions as recorded in the lease agreement.
Lease back is an arrangement in which one party sells a property to a buyer and the buyer immediately leases the property back to the seller. The lease back is also sometimes called sale and lease back.
It is a financial transaction where one sales an asset and leases it back for a long term. This process is generally done for real estate properties where the landlord invests on a particular real estate and leases the property back to a tenant for a fixed amount of time.
Land registration is a nothing but the ownership of estates in land is recorded and registered usually by government, in order to provide the evidence of title and to facilitate dealing.