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Lease Definitions & Terms

L

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.