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Glossary

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Currently displaying definitions for words starting with - L

Land Tax
A tax payable annually in respect of the beneficial ownership of land, the rate of which is determined by the assessed valuation.
Larceny
The fraudulent taking and carrying away, without the consent of the owner and without a claim of right made in good faith, anything capable of being stolen, with intent at the time of such taking to permanently deprive the owner of the use thereof Larceny by a servant occurs when a person under a contract of service steals any property belonging to or in the possession of his master or employer after such property has come into the actual or constructive possession of the employer.
Lease
A grant of the possession of real property to last for a fixed or ascertainable period at will or in perpetuity and usually with the reservation of a rent. The person who grants the lease is called the lessor, the person to whom it is granted being the lessee. A lease must be for a less estate or term than the lessor has in the property, for if it comprises his whole interest it is a conveyance or assignment and not a lease. Where a person who is himself a lessee grants a lease of the same property to another person for a shorter term, it is called an underlease or sub-lease.
Lien
A right in one man to retain that which is in his possession, belonging to another, until certain demands of the person in possession are satisfied. For example, an auctioneer has a lien (namely, a right to retain possession) of goods until his charges upon them are met, a workman, a lien upon the article he is mending; a solicitor, a lien upon title deeds he is holding. An agent has a lien on deposit for his commission.
Light and Air Easement
An easement that provides for open space in a specified area, eg an owner of a building might obtain an easement from the owner of adjoining property that another building will not be erected on the property line, thereby assuring him light and air that otherwise would have been blocked out.
Litigation
A dispute before the courts.
Lot
A distinct portion or piece of land; a piece of land forming a part of a district, suburb, city block or subdivision is devised, described by reference to a recorded plot or by definite boundaries. Also, a piece of land in one ownership, whether freehold or leasehold. To an auctioneer a lot is an item or group of items being offered for sale during an auction sale. Each lot is numbered for identification.


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