Home Page - Kelowna Real Estate

LAND BANKING:
The practice of acquiring land now for future use.

LAND DIVISION COMMITTEE:
Municipal government body charged with the responsibility of reviewing and granting (or denying) applications to sever or subdivide parcels of land. These duties may be handled by the "Committee of Adjustment".

LAND LEASE:
A rental agreement for the use of land but not the improvements thereon.

LAND REGISTRY OFFICE:
The government facility in which the land records are stored for public review. See also "Land Titles Office".

LAND SALE LEASEBACK:
An arrangement where a person sells property to another but immediately rents it from the purchaser.

LAND SURVEYOR:
A qualified professional who is trained to establish, measure and draw out the boundaries of properties and the improvements (buildings and other features) located thereon based on land records and site examinations.

LAND TRANSFER TAX:
A levy charged to the purchaser of a property upon registration of the instrument of conveyance. Usually a percentage of the purchase price.

LAND TRANSFER TAX AFFIDAVIT:
Common term for the "Affidavit of Residence and of the Value of the Consideration" required with every Transfer/Deed of Land registered in Ontario. The sworn document sets out the details of the transaction including names and places of residence of parties, description of land, and purchase price.

LAND USE PLANNING (REGULATION):
An effort by a municipality to establish guidelines for the use and development of land within its boundaries.

LAND USE SUCCESSION:
The gradual change in the use of land in a neighbourhood over a period of years.

LAND/BUILDING RATIO:
A comparison of the value of the land with the value of the improvements to that land.

LANDLOCKED:
A term describing a property that does not border on any public road.

LANDLORD:
Also known as "lessor". The owner of a property who allows other persons to occupy a property in exchange for periodic payments of rent.

LANDMARK:
Any object which is fixed to the ground and may serve as a guidepost for a survey or boundary. Also known as "monument".

LANDSCAPE ARCHITECT:
A professional designer of ground works who takes into consideration the need for drainage, utilities installations, buildings, grading while creating a pleasing appearance.

LATE CHARGE:
A fee or penalty to be paid to a lender for a payment which is delivered after it is due.

LATENT DEFECTS:
Problems with a property or building which are not visible to the casual observer but which may surface later. A vendor must disclose to a purchaser any serious latent defects of which he has knowledge.

LAW SOCIETY OF UPPER CANADA:
Also known as "LSUC", the governing body of the profession of lawyers in Ontario.

LEASE:
A written agreement to rent a property or part of a property from the owner. Sets out premises rented ("demised premises"), amount to be paid, payment period, and other rights and obligations of the landlord and tenant.

LEASE WITH OPTION TO PURCHASE:
A rental contract which allows the tenant to purchase the property during the period of the lease. Payments under the lease may be credited (in whole or in part) against the purchase price.

LEASED FEE:
Description of the ownership interest in a property of a landlord who has rented the property to a tenant.

LEASEHOLD ESTATE:
An interest in a property for a period of time as specified under a rental contract.

LEASEHOLD IMPROVEMENTS:
Additions to a rented premises made by the tenant, often in the nature of a fixture, which may be removed by the tenant at the end of the lease term if no damage ensues to the premises and if the lease permits.

LEASEHOLD MORTGAGE:
A loan secured against a tenant's interest in a property.

LEGAL AGE:
Set by statute, the age at which a person ceases to be a minor and is able to contract on his own behalf.

LEGAL DESCRIPTION:
A description of a piece of real estate that is drafted according to legal requirements and which clearly and adequately establishes the identity of the property so described. Found in most instruments for registration on title to land.

LEGAL NAME:
Usually a person's full name as given at birth, may be changed by filing the proper forms and paying the appropriate fee.

LEGAL NOTICE:
Informing one or more persons of a fact, action or intention in a period of time and in a fashion required by a statute, contract or court order,

LEGAL RESIDENCE:
The place where one resides (may refer to a street address or, for income tax purposes, a country of residence).

LEGAL TITLE:
The bundle of rights of ownership that a person acquires in purchasing a piece of property, which may be defended against competing interests.

LEGATEE:
The beneficiary under a will.

LENDER:
Any individual or company which provides money to third pa