The Real Estate
Encyclopedia: K-O

In real estate taxation, Like-Kind Property is a term used in tax deferred exchanges under Section 1031 of the Internal Revenue Code. It refers to property that is exchanged for other property of the same general nature or character, allowing the deferral of capital...

In real estate law, a Life Estate is an ownership interest in property that lasts for the lifetime of a specified person. The measuring life may be the person holding the estate or another designated individual. The holder of a life estate has the right to possess and...

In real estate law, Lien Theory is the legal concept followed in many states under which a mortgage is considered a lien against the property rather than a transfer of title. Under this theory, the borrower, known as the mortgagor, retains legal title and possession...

In real estate law, a Lien is a legal claim or encumbrance against property to secure the payment of a debt or obligation. Liens may be voluntary, such as a mortgage, or involuntary, such as a tax lien or judgment lien. A lien affects the title to property by limiting...

In real estate and legal contexts, a Levy is the legal seizure of property by a court or governmental authority to satisfy a debt or judgment. It is typically carried out through judicial process following a court order. A levy may involve real property or personal...

In real estate investing, Leverage refers to the use of borrowed funds to acquire property, allowing an investor to control a large asset with a relatively small amount of their own cash. Financing magnifies the purchasing power of the investor. Leverage can increase...

In real estate finance, a Level Payment Mortgage is a loan in which the borrower makes equal periodic payments, usually monthly, over the life of the loan. Each payment includes both principal and interest. As the loan balance declines, the portion of each payment...

In real estate transactions, a Letter of Intent is a written statement expressing a prospective buyer’s, lessee’s, or developer’s interest in a property. It outlines general terms and intentions but is not a binding offer. A letter of intent creates no legal...

In real estate, a Lessor is the party who grants the right to possess and use real property to another through a lease agreement. The lessor is usually the property owner and receives consideration, typically rent, in return. The lessor retains ownership of the...

In real estate, a Lessee is the party who receives the right to possess and use real property under a lease agreement. In exchange for this right, the lessee agrees to pay consideration, usually in the form of rent. The lessee is commonly referred to as the tenant and...