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There are 17 names in this directory beginning with the letter 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. Usually based on unimproved value of land.
Landlord
The owner of leased property. The lessor.
Landlords Protection Insurance
As a Landlord, this protects you against things like: deliberate damage to your investment property or theft from it, by the tenant or their guests (over and above their Rental Bond), loss of rent if the tenant does not pay you on time and in full liability, including for a claim against you by tenant, and legal expenses if you have to take action against a tenant.
Lease
An agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.
Lease Term
The period of the lease.
Leasehold
Possession and use of a property by virtue of a lease.
Legal and Professional Fees
Solicitor fees, buyers agent fee if applicable, or any other relevant fees associated with a professional advising or helping with the procurement of the property.
Lenders Mortgage Insurance (LMI)
Usually required by lenders when you are borrowing more than 80 per cent of the property’s value. It provides insurance to the lender in case the borrower defaults on the loan.
Lessee (Tenant)
A person / legal entity who receives the right to occupy and use a property under the terms of a lease.
Lessor (Landlord)
The owner of a property who transfers the right to occupy and use property to another by way of a lease agreement.
Liability
Being legally responsible for the asset
Licensed Real Estate Agent
A Licensed Real Estate Agent may perform the activities in the conduct of a real estate business. He/she is licensed to hold responsibility for an agency’s legislative compliance activities.
Liquidity
The availability or ease of turning an asset into cash.
Listing
(a) A term commonly used by agents for obtaining an instruction to sell or lease real estate; (b) The recording of properties as being available for sale.
LOC (Line of Credit)
A facility available from financial institutions that gives you a credit limit that you can draw down at any time. It’s similar to a credit card, except you don’t have to make set repayments of the principal.
Low-Doc Loans
Relatively new, these are loans that don’t require as much documentation to set up the loan. They are popular with self-employed people and those who have not yet established a credit rating.
LVR (Loan to Value Ratio)
Your Loan to Value Ratio (LVR) is calculated by dividing the loan amount by the value of the property, then multiply by 100 to get a percentage. Banks and financial institutions use this as a measure of whether you can afford the loan.