Real Estate Glossary

Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
 
La - Lan - Las - Le - Leg - Li - Lim - Liq - Lo - Lot
Leach
  1. To cause a liquid to filter down through some material.
  2. To subject to the washing action of a filtering liquid.
  3. To remove or separate solids from liquids, in a septic system, by percolating through the soil.
Leach Field
Porous soiled area, through which septic tank leach lines run, emptying out the treated liquid waste, forced from the tank, which then percolates down through the soil.
Leach Lines
Lines that carry effluent from the septic system out to the leach fields where, when new sewage is added to the tank, it empties into the area of porous soil.
Lead
  1. An electrical wire, which carries current from one point to another in a circuit or to or from a piece of apparatus.
  2. The linear distance moved by a threaded object in one rotation.
  3. Built-up masonry wall section, from which other courses are stepped back successively.
  4. Dense, soft metallic element; atomic symbol Pb, atomic number 82, atomic weight 207.19. This metallic chemical found can be found in paint and plumbing in older dwellings and is a health risk.
Lead Carbonate
Poisonous salt once used as white pigment in paint.
Lead Drier
An acid, used for drying, which is made from lead and was once used in paint.
Lead Expansion Anchor
Used to anchor an item in place, this lead sleeve is open lengthwise and threaded on the interior. The sleeve is placed into an opening and the screw is tightened into the sleeve, which forces the sleeve against the sides of the hole, expanding it and holding it in place.
Lead Joint or Lead and Oakum Joint
Bell and spigot drainage pipe joint of case iron where molten lead is poured over a coarse, untwisted rope of hemp that is in the joint, sealing it.
Lead Masonry
Section of wall, which is built up and racked back for successive courses with a stretch line to the leads to guide the construction between them.
Lead Oxide
Once used as a paint pigment or rust preventative, this combination of lead and oxygen is no longer popular.
Lead Wood
Fine mesh steel, which is used to plug enlarged screw holes. The screw is turned and becomes enmeshed with the mesh, which grips the soft compressed mass, filling the space.
Leaded Zinc
Formerly used for rust prevention, this combination of zinc oxide and lead sulfates, is no longer popular.
Leader
Pipe carrying rainwater from gutters to the ground or sewers.
Leak
  1. To allow a fluid substance in or out accidentally.
  2. An accidental hole or crack that allows something, such as gas, light, electricity, to escape its boundaries.
  3. Any means of escape for things that should not be allowed out.
Lean Mortar
Mortar mix, which has a shortage of sand, making the mortar stick to the trowel.
Leaning Edge
The factory made tapered ends of the long side of a wallboard panel.
Lean-to
A shed with a one-slope roof with the upper end of the rafters "leaning" against an external source.
Lean-to Rafter
Rafter, on the roof of a lean-to, reaching from the top plate of a high wall to the top plate of a low wall.
Lean-to Roof
Shallow, one sloped roof, which resembles half of a gable roof.
Lease
Payment of rent by the lessee to the lessor, for the use of real property for a stated time period.
Lease Agreement
Binding agreement containing the terms of a renter's occupancy.
Lease Option
Agreement, specified in the lease, which provides the tenant the option to renew the lease for a given time period upon the expiration of the initial lease. Most lease options include the landlord's right to increase the rent upon renewal.
Lease With Option to Purchase
Lease, which contains the right of the lessee to buy the property at the end of the lease term.
Leased Fee
The landlord's ownership interest of a property that is under lease.
Leasehold
Agreement between the lessee and lessor specifying the lessee's rights to use the leased property for a given time at a specified rental payment. As rental payments are made, rent expense is charged. When the rental is paid in advance, a Prepaid Rent account is recorded that has to be allocated into expense over the rental period. If the prepayment is for a longtime lease, however, it is recorded as a Deferred Charge and then amortized. The amortization entry for a long-term lease is to charge rent expense and credit leasehold.
Leasehold Estate
Possession and use of a property estate by virtue of a lease. There are four types of leasehold estates: estate for years, periodic tenancy, tenancy at will, and tenant at sufferance.
Leasehold Improvements
Fixtures attached to real estate that are generally acquired or installed by the tenant. Upon expiration of the lease, the tenant can generally remove them, provided such action does not damage the property or conflict with the lease.
Leasehold Mortgage
Mortgage collateralized by a tenant's interest, usually structural improvements, in a lease parcel of property. A leasehold mortgage is subordinate to the landlord's land lease since it is a second lien by order of priority on the property.
Leasehold Value
The value of a tenant's interest in a lease, especially when the rent is below market and the lease has a long remaining term.
Ledge
A projection, ridge, or shelf.
Ledger
  1. Also called a girt strip, this horizontal wooden beam is used as a floor joist support when framing is done with one-piece stud, which extend from the foundation to the roof and form the walls of all floors.
  2. Book, which contains records of transactions, usually financial.

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Landmark Realty
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929-2586
       
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346-0630
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