Terms with Category Real Estate
- Investment Property — Definition,
- Property bought with the hope of it making money.
- Jack and Jill Bathroom — Definition,
- A bathroom shared by two bedrooms.
- Joint Tenancy — Definition,
- When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
- Joint Venture — Definition,
- A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.
- Jointly-owned Property — Definition,
- A property held in the name of more than one person.
- Key Lot — Definition,
- A lot of which ownership is essential in acquiring a piece of land for development, either because of its strategic location or the timing of the acquisition.
- Land — Definition,
- The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
- Land Contract (LC) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
- Land Lot — Definition,
- A piece of land owned by an individual or entity.
- Land Title — Definition,
- The legal document conveying title to a property.
- Land Titles System — Definition,
- This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.
- Land Transfer Tax (LTT) — Acronym,
- A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
- Landlord — Definition,
- One who rents or leases his or her property to another person or a business.
- Latent Defect — Definition,
- A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.
- Lease Extension — Definition,
- The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
- Lease Option — Definition,
- A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
- Leasehold (l/h) — Abbreviation,
- Land or property held under a lease for a term of years.
- Legal Description (lgdc) — Abbreviation,
- A way of identifying a piece of property in writing that is acceptable to a court.
- Legal Fees and Disbursements — Definition,
- Charges paid on your behalf by a solicitor that are in addition to professional costs.
- Lessee — Definition,
- The person who signs a lease.
- Lessor — Definition,
- The person who grants a lease.
- Letter of Intent — Definition,
- A formal notification that a buyer intends to buy property. It is not legally enforceable.
- Lien — Definition,
- A legal hold or claim of a creditor on the property of another.
- Lien Holdback — Definition,
- The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
- Liquidation — Definition,
- The practice of selling or redistributing some or all of a business's assets in order to repay debts or pay investors if the business becomes insolvent or is sold in full or in part.
- To convert into cash.
- To settle the outstanding debts by selling property.
- Lis Pendens — Definition,
- A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
- Listing Inventories — Definition,
- The dwellings for sale in a given market.
- Live-work Space — Definition,
- A dwelling, such as a loft, in which the occupant both lives and conducts business.
- Load-bearing Wall — Definition,
- Any exterior wall or interior wall that supports its weight and the weight of other parts of the building.
- Local Improvement Charge — Definition,
- A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
9.
Investment Property -
Latent Defect
Latent Defect
