Jan 242023
Real Estate and Financial Terms Under Letter ‘L’ – Australian Real Estate

Australian real estate investing can be confusing, especially for people who are new to the industry. While there are many different aspects of the business, there are also many terms that are specific to Australia. Here is a glossary of Australian real estate terms under letter ‘IJK’.

Buying, selling or renting property in Australia and having trouble understanding what they’re saying? To help you figure it out, we’ve created brief explanations of the words used. For more complete information, see your local real estate agent, financial advisor or solicitor.

A  B  C  DE  F  GH  IJK  L  MN  O  PQ  R  S  T  UVWXYZ

– L –
Land TaxA state government tax charged to the owners of investment property based on the value of the property and to the to the owners of any occupier properties valued over a higher threshold.
landlordA person who rents property to another; a lessor.
Land Transfer FeeA state government tax assessed on the selling price of a property.
leaseA written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
leaseholdThe right to use and have exclusive possession, but not ownership, of real estate for a specified period and subject to certain conditions as recorded in a lease agreement.
lesseeA person leasing a property.
lessorThe owner of a property that is leased to another person.
liabilitiesDebts or obligations owed by a person or entity.
lienA legal claim against a property that must be paid off when the property is sold.
life estateA freehold interest in real property. It expires upon the death of the owner or some other specified person. Also called Tenancy for Life.
line of creditAn agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose.
liquid assetAn asset that can be converted into cash.
listingA written contract between an owner and a real estate agent, authorising the agent to perform services involving the owner’s property.
loanA sum of borrowed money, called principal, that is generally repaid with interest.
Loan Application FeeA fee paid to a lender for processing a loan. Also called Establishment Fee.
Loan Maintenance FeeA loan management fee charged over the life of the loan and often referred to as an ongoing fee.

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