The Real Estate
Encyclopedia: K-O

In real estate, a Listing is an agreement between a property owner and a real estate agent or broker in which the agent is authorized to market the property and seek a buyer or tenant. The agreement specifies the price, terms, and conditions under which the property...

In real estate law, Lis Pendens is a legal notice recorded in the public records to indicate that a lawsuit is pending that affects title to or possession of real property. The notice serves to warn potential buyers or lenders that the property is subject to...

In real estate contracts, Liquidated Damages are a specific sum of money agreed upon in advance by the parties as compensation if a contract is breached. This amount represents a reasonable estimate of the damages that would result from the failure to perform....

In real estate and construction, a Lintel is a horizontal structural member placed above an opening such as a door or window. Its purpose is to support the weight of the wall or structure above the opening. Lintels are commonly made of wood, steel, concrete, or stone,...

In real estate and business law, a Limited Partnership is a partnership structure made up of one or more general partners and one or more limited partners. The general partners manage and control the partnership’s business affairs and are personally liable for its...

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...