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Canadian Real Estate / Mortgage Glossary : L

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Staggering deposits into investments such as CDs in order to vary and better the rate of return.

Includes only the ground or soil, but everything which is attached to the earth, whether by course of nature as trees and herbage, or by the hand of man, as houses and other buildings. It includes not only the surface of the earth but everything under it and over it. Condominium Acts do divide land horizontally thereby limiting the vertical ownership.

 Land Contract
An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.

 Land Title
The legal document conveying title to a property.

 Land Titles System
This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.

 Large Value Transfer System (LVTS)
System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis

 Late Charge
A fee imposed on a borrower for not paying on time

 Late Payment
A sum a borrower sends to a lender that is received past the date when it was due.

 Latent Defect
A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.

 Lead Lender
A financial institution which heads up a financial consortium or syndicate to provide funds for a mortgage.

A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.

 Lease Extension
The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.

 Lease Option
A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period

An estate or interest in an estate in real property held by virtue of a lease for a term of years. A leasehold is considered personal property.

 Leasehold Mortgage
A mortgage given by a lessee on the security of his leasehold interests in the land.

 Legal Description
A way of identifying a piece of property in writing that is acceptable to a court.

 Legal Mortgage
The written geographical description of a property as described in the land register.

The bank or mortgage company offering the loan.
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 Lending Value
The property value for mortgage purposes. Usually the lesser of appraised value or sale price.

The person who signs a lease.

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