| LAND |
|
A
solid part of the earth's surface. Technically, the word encompasses
also the buildings erected on the soil. |
|
| LAND
TAX |
|
A
tax on property imposed by a State Government and based on the
site value of each property. |
|
| LEASE |
|
A
contract under which one parry allows another parry to use property
for a defined period and subject to the payment of rent and
the observance of other conditions; or the document evidencing
such a contract. |
|
| LEASEBACK |
|
The
sale of a property subject to a lease from the purchaser to
the vendor. |
|
| LEASEHOLD |
|
Land
held for a limited period under a lease, at the expiry of which
the land reverts to its owner, the freeholder. |
|
| LEGAL
OWNERSHIP |
|
The
nominal or registered interest in a property, as distinct
from the beneficial or equitable ownership.
|
|
| LESSEE |
|
The
tenant or occupier under a lease. |
|
| LESSOR |
|
The
landlord or owner under a lease |
|
| LEVERAGE |
|
The
use of borrowed funds in order to supplement an investor's own
money when acquiring an asset. |
|
| LIEN |
|
The
right over another person's property as security for some debt
or for the performance of some obligation. |
|
| LISTED
PROPERTY TRUST |
|
A
unit trust with the bulk of its assets invested in property
and which is listed on the stock exchange. |
|
| LOAN
TO ASSET RATIO |
|
The
borrowed funds divided by the total assets (the sum of the investor's
own stake in a project and the borrowed funds). |
|
| LOAN
TO EQUITY RATIO |
|
The
borrowed funds divided by the investor's own stake in a project. |
|
