land
The earth’s surface, a column of air above it, and the structures attached to
it, such as buildings. |
land use districts
The Land Use Bylaw divides the municipality into a number of districts such as
residential, commercial, industrial, and special. |
late charge
The penalty a borrower must pay when a payment is made a stated number of days
(usually 15) after the due date. |
latent defects
Hidden defects that may have reasonably caused the buyer not to purchase the property
if the defects had been make known. |
lawful consideration
The obligations that each party has in a contract must be lawful. |
law of property act
Provincial legislation relating to real estate transactions including foreclosures.
This Act replaces the Judicature Act. |
lease
A written agreement between the property owner and a tenant that stipulates the
conditions under which the tenant may possess the real estate for a specified
period of time and rent. |
leasehold estate
A way of holding title to a property wherein the mortgagor does not actually own
the property but rather has a recorded long-term lease on it. |
lease-purchase mortgage
loan
An alternative financing option that allows low- and moderate-income home buyers
to lease a home from a non-profit organization with an option to buy. Each month's
rent payment consists of principal, interest, taxes and insurance (PITI) payments
on the first mortgage plus an extra amount that is earmarked for deposit to a
savings account in which money for a down payment will accumulate. |
legal description
A property description, recognized by law, that is sufficient to locate and identify
the property without oral testimony. |
legal intention
An element of a contract which means that the parties must intend to create a
binding agreement. |
liabilities
A person's financial obligations. Liabilities include long-term and short-term
debt, as well as any other amounts that are owed to others. |
liability insurance
Insurance coverage that offers protection against claims alleging that a property
owner's negligence or inappropriate action resulted in bodily injury or property
damage to another party. |
licensing
The procedure which an agent undergoes to become legally qualified to act in the
capacity of a real estate agent. |
lien
A legal claim against a property that must be paid off when the property is sold.
|
line of credit
An agreement by a commercial bank or other financial institution to extend credit
up to a certain amount for a certain time to a specified borrower. |
listing agreement
An oral or written agreement between a property owner and an agent, authorizing
the agent to offer real property for sale or lease. |
liquid asset
A cash asset or an asset that is easily converted into cash. |
loan
A sum of borrowed money (principal) that is generally repaid with interest. |
loan origination
The process by which a mortgage lender brings into existence a mortgage secured
by real property.
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