Wednesday, May 1, 2024, 9:42 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
L
LACHESDelay or negligence in asserting one's legal rights. |
LANDMARKA monument or object used to establish the boundary line of a property. |
LEASEA contract whereby the lawful owner of the property transfers his rights of use and possession to another for a specified term. |
LEASEHOLDAn estate or right in real property held under a lease. |
LEGACYA gift of personal property, usually money, by will. |
LEGAL CAPACITYA requirement of parties entering into a valid contract is that they be legally competent and duly authorized. |
LEGAL DESCRIPTIONA description, recognized by law, that will definitely locate and identify the property. |
LEGATEE - Civil Law TermOne, generally in direct line of descendancy, who receives any property through the will of a deceased person. |
LESION BEYOND MOIETY - Civil Law TermA situation that exists when a sale of immovable property has been made for less than half of its market value. |
LESSEEOne who rents property under a lease contract. |