Landlord

A person who rents property to another, a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of rent.

Leasehold

You buy the right to own the home and lease the land for a certain time. You pay rent to the landlord for the land. You can sell the lease if you want to move on. There may be restrictions on your use of the property.

Lessee

A person leasing a property.

Lessor

The owner of a property that is leased to another person.

Liabilities

A list of debts owned.

Lien

A legal claim against a property that must be paid off when the property is sold.

LIM Report (Land Information Memorandum)

A LIM is a report prepared by the local Council at your request. It provides a summary of property information held by the Council as at the day the LIM was produced.

Line of Credit

An agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose.

Listing

1. A written contract between an owner and a real estate agency, authorizing the agent to perform services for the principal involving the owner's property. 
2. The property so listed.

Loan

A sum of borrowed money that is generally repaid with interest.

Loan Application Fee

Also called Establishment Fee. A fee paid to a lender for processing a loan.

Loan to Valuation Ratio (LVR)

The amount of the loan financed as a proportion of the property value, expressed as a percentage.

Low Equity Margin (LEM)

The loading of an interest rate that is charged by the lender when the loan is above a certain percentage of the value of the property offered as security.

Low Equity Premium (LEP)

A one off fee that allows purchasers who have a minimum deposit to apply for and potentially be granted a home loan. It is included in the cost of borrowing.