Real Estate Glossary L [Part 6]

CONTINUED-FROM

Continued from…

:point_right: Real Estate Glossary L [Part 5]

Land agent

In some states, this is the term for real estate agents.

Land broker (S.A.)

The Real Property Act says that a person can do business if they have successfully finished the right education course and gotten a licence from the Land Brokers Licensing Board. After a contract has been signed, this person puts together the paperwork and adjustment sheets that are needed to settle the matter.

Land tax

A tax paid to the state government every year based on how much the property is worth.

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Land usage

How land is being used or how it can be used according to zoning laws. Zoning laws control how land is used in a community. They do this by setting building codes and setback rules. The best way to use land is to put it to its highest and best use.

Lean to roof

A roof with a slope that is held up on one side by the wall of a building next to it.

Lean-to

A small building with a single pitched roof that is usually built next to the outside wall of a bigger building.

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Limited title

Before a property has been surveyed, it has a Torrens Title.

Long-term lease

A lease agreement that lasts 10 years or more is generally considered to be a long-term lease. Under such leases, the tenant may want or be required to do extensive remodelling, or, if the property leased is land, to build a building or make other improvements.