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Ma Real Estate L-2

Terms & Definitions L-2

Lessee The Tenant in a Landlord (lessor) and Tenant (Lessee) relationship.
Lessor The Landlord in a Landlord (lessor) and Tenant (Lessee) relationship.
Letter of Compliance Under the Mass lead paint law (M. G. L chapter 111). the letter issued to a residential property owner indicating the property met the requirements of the law.
Letter of Interim Control Under the Mass lead paint law (M. G. H chapter 111), the letter allowing a property owner 1 year to fully meet the requirements of the law, after major hazards, such as peeling and chipping paint, have been taken care of.
License A use of property permitted by an owner for a specific purpose. Revocable at any time. Maybe verbal. Also a certification by the state to sell real estate.
Lien A right or interest that one party has in the property of another as security for a debt. EXAMPLE: A financial encumbrance; a mortgage.
Life Estate An interest in real or personal property, that is limited to the life of the owner or some other specified individual.
Lis Penden Latin meaning "Action Pending". Recorded legal document which gives notice that legal action is in process, that may effect the subject property.
Listing Agreement An agreement between a seller and the broker, to act as an agent for the sale of the property. Maybe written or verbal.
Littoral Rights Rights of land owners abutting oceans, or standing bodies of water (Riparian Rights deal with rivers, streams, flowing bodies of water).
Location Economic characteristics of real property, that indicates that value is affected by what exact site real property occupies; including abutters, neighborhood, and zoning.
Long Term Investment Economic characteristic of real property, that indicates real property will last along time; more than a mortgage, often more than a lifetime, as opposed to a short time like stocks and bonds.
Lot and Block Method of land description, that refers to a specific lot within a grouping of lots on a block on a map, or plat that has been recorded at the registry.
Low or Moderate Income Total prior 12 month income of all unit occupants is less than 80% of area median income, as set forth by H U D. Used in condominium conversion law in Mass, to set special condo conversion protection.
Loyalty That part of the law of agency that requires, that the agent must act in the best interest of the principal (even when it is not the best interest of the agent).
Created by: medct