Glossary

Common Real Estate Terms

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There are currently 4 names in this directory beginning with the letter L.
Lease
A Lease is a legally binding agreement between a tenant and a landlord, granting the tenant exclusive possession or use of a property in exchange for periodic payments, commonly referred to as "rent."
Letter of Intent (LOI)
A Letter of Intent (LOI) is a non-binding document that outlines the preliminary understanding between parties engaged in a potential transaction. It serves to clarify key points and intentions, paving the way for more detailed negotiations and agreements.
Limited Liability Company (LLC)
A Limited Liability Company (LLC) is a business structure that offers limited liability protection to its owners, shielding them from personal liability for the company's debts and obligations. LLCs typically pass through their profits and losses to their members, who report them on their individual tax returns.
Loss To Lease (LtL)
Loss To Lease (LtL) refers to the disparity between the actual rent specified in a lease and the prevailing market rental rate for a unit. For instance, if a unit's market rent is $2,000 per month but the actual rent is $1,800 per month, the loss to lease would amount to $200 per month.
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