GLOSSARY OF REAL ESTATE TERMS

Landlord
One who rents property to a tenant.

Lease. A contract whereby, for a consideration (usually termed rent), one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, month to month or at will.

Leasehold. The interest or estate that a lessee of real estate holds under the provisions of a lease.

Lessee. The tenant in a lease.

Lessor. The landlord in a lease.

Letter of Intent
An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations.

Levy. To impose or assess a tax on a person or property. The amount of taxes to be imposed in a given district.

Listing
An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property.

License. Permission given by the landlord for a person to enter the premises of a tenant for a particular purpose. A license is of temporary character, purely a personal right, and cannot be sold. It is revocable.

Lien. A right given by law to a creditor to have a debt or charge satisfied out of the property of the debtor. It applies to a particular piece or pieces of real or personal property.

Loss Factor
What percentage of the gross area of a space is lost due to walls, elevator, etc.