Oconee County Real Estate
Real Estate Terms | L
Lease
A contract between the owner of real property, called
the lessor, and another person referred to as the lessee,
covering all conditions by which the lessee may occupy
and use the property.
Lease With Option To Purchase
A lease where the lessee has the option to purchase
the leased property. The terms of the purchase option
must be set forth in the lease.
Legal Description
The geographical identification of a parcel of land
Lessee
One who contracts to rent property under a specified
lease.
Lessor
An owner who contracts into a lease with a tenant (lessee).
Lien
A claim by one person on the property of another as
security for money owed. Such claims may include obligations
not met or satisfied, judgments, unpaid taxes, materials,
or labor. (See also special lien.)
Life Estate
An estate in real property for the life of a person
Listing
A contract between owner and broker to sell the owner's
property
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