Aasha Realtors : Real Estate Terms And It's Meaning. (L)

Kalpesh Shah
http://aasharealtor.blogspot.com

Landlord

A person who rents property to another, a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of rent.

Leasehold

You buy the right to own the home and lease the land for a certain time. You pay rent to the landlord for the land. You can sell the lease if you want to move on. There may be restrictions on your use of the property.

Lessee

A person leasing a property.

Lessor

The owner of a property that is leased to another person.

Liabilities

A list of debts owned.

Lien

A legal claim against a property that must be paid off when the property is sold.

Life Estate

Also called Tenancy for Life. A freehold interest (in real property) that expires upon the death of the owner or some other specified person.

LIM Report (Land Information Memorandum)

A LIM is a report prepared by the local Council at your request. It provides a summary of property information held by the Council as at the day the LIM was produced.

A LIM provides some or all of the following:

· Information on special land features or characteristics including potential erosion, avulsion (removal of land by water action), falling debris, subsidence, slippage, alluvion (the deposition of silt from flooding), inundation (flooding), presence of hazardous contaminants which are likely to be relevant to land and is known to Auckland City

· Information on private and public stormwater and sewerage drains as shown in Auckland City's records

· Information relating to any rates owing in relation to the land

· Details of approved building, plumbing/drainage and resource planning permits and consents indicating where further action is required

· As required by the Building Act 1991 details are included of

o Code Compliance Certificates: a final certificate of approval for building consents

o Compliance Schedule: required for certain systems or features of commercial and multi-residential properties

o Warrant /Statement of Fitness: in conjunction with compliance schedule -issued annually to maintain compliance standard

o Details of Dangerous Goods, Liquor, Hairdressing and Health Licences (mainly refers to commercial properties)

o Details of Operative and proposed zoning, road widening, height restrictions, view and tree protection, and any Historic Places Trust listing

o Any outstanding requisitions or notifications from Auckland City regarding any matters on that property that do not meet Auckland City specifications and which require action within a certain time frame. Satisfying requisitions is the responsibility of the owner of the property.

The Memorandum may also include:

· Such other information concerning the land which Auckland City considers, at its discretion, to be relevant. Line of Credit

· An agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose.

Liquid Asset

An asset, cash or otherwise, that can be converted into cash.

Listing

A written contract between an owner and a real estate, authorizing the agent to perform services for the principal involving the owner’s property. The property so listed.

Loan

A sum of borrowed money that is generally repaid with.

Loan Application Fee

Also called Establishment Fee. A fee paid to a lender for processing a loan.

Loan to Valuation Ratio

The amount of the loan financed as a proportion of the property value, expressed as a percentage.