Glossary

L

LAND AGENT – A term commonly used for estate agents in some States.

LAND BROKER (S.A.) – A person having successfully completed the appropriate education course and obtained a licence from the Land Brokers Licensing Board can then transact business under the provisions of the Real Property Act. Such person after a contract has been signed prepares the necessary documents and adjustment sheets to effect settlement.

LANDLORD – The owner of leased property. The lessor.

LANDSCAPING – The work of the landscape architect, landscape gardener or landscaper; treatment of lawn and plantings to enhance the appearance of a lot.

LAND TAX – An annual tax paid to the state government, calculated according to the value of the property.

LAND USAGE – The use being made of land or the uses permitted under zoning ordinances. Zoning ordinances act to control land usage in a community by establishing building codes and set back requirements. Proper land usage attempts to assign the highest and best use to each parcel.

LEAN-TO – A small structure with a single pitched roof, usually erected against an outside wall of a larger structure.

LEAN TO ROOF – A sloping roof supported on one side by the wall of an adjacent building.

LEASE – Possession but not ownership of a property for a set period of time. The terms and conditions are set out in a document signed by both tenant and owner.

LESSEE – One who possess the right to use or occupy a property under a lease agreement.

LESSOR – Property owner who rents it out.

LIMITED TITLE – The Torrens Title that applies before a property has been surveyed.

LISTING – The recording of properties as being available for sale.

LONG-TERM LEASE – Generally considered to be a lease agreement extending for 10 years or more. Under such leases the tenant may desire, or be required, to do extensive remodelling: or if the property leased is land, to construct a building or other improvements.