Homeowner Education

The latest news, tips, and tricks for homeowners

Master Deed

A document used by condominium developers to record the project;its division into condominium ownership;and the grant of common areas to the condominium owners. Also called

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Lot Size

Lot size is the land you own according to the survey of boundary lines determined by the city. Square footage is the usable space in

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Listing

An arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a specific period.

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Lien

A lien is a claim made on a property in order to satisfy a debt. Liens are often applied to real estate, although an entity

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Letter of Intent

A letter of intent provides a formal, but preliminary, agreement between two parties who intend to do business with each other. They are frequently used

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Lessor

A lessor is a person who grants a lease. The lessor wants to retain ownership of a property, vehicle or other equipment, so he leases

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Legal Description

A legal description is the geographical description of real estate that identifies its precise location, boundaries and any easements for the purpose of a legal

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Lessee

A lessee, also known as a tenant, is a person who rents land or personal property from the owner, or lessor.

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Leasehold Estate

A leasehold estate refers to the exclusive right of a tenant to occupy a property for a period of time. Usually a written lease agreement

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Lease Option

A lease option is a written agreement in which an owner allows a person to use a property in exchange for rent, and also gives

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