Real Estate Glossary

Real Estate Glossary

There are 23 entries in this glossary.
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Term Main definition

A mortgagee or other creditor who has a lien against the property of another.

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Like-Kind Property

A tax term used in certain real property exchanges. Property must be exchanged for like kind property and the tax consequences postponed pursuant to Section 1031 of the Internal Revenue Code.

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Limited Partnership

A partnership created under state law which consists of one or more general partners who conduct the business and arc responsible for any losses, and one or more special or limited partners who contribute capital and are liable only up to the amount contributed.

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Listing Agreement

An agreement between a real estate broker and the property owner which authorizes the broker to assist in the sale or lease of that property in return for a fee, commission or other form of compensation. See Also: Exclusive Listing

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Load Factor

A percentage of the rentable area of a building that is dedicated to building "load", ie., common stairways, chases, lobby, etc. The load is added to the usable area to determine the rentable area. Also known as a "Core Factor".

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Long Term Lease

A lease whose term exceeds ten years from initial signing until the date of expiration or renewal option.

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A parcel of land, generally part of a series of parcels which make up a subdivision, the boundaries of which are created by and shown on a "plat."

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Lump-Sum Contract

A construction contract requiring the contractor to complete a building for a specified amount, usually established by competitive bidding. The contractor absorbs any loss or retains any profit.

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