Commercial Property in South Africa For Sale and To Let
Feb 10, 2025
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Glossary - Words and Terminology used in Commercial Property
L
LAND BANKING
The practice of acquiring land now for future use. ...
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LAND LEASE
A rental agreement for the use of land but not the ...
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LAND SALE LEASEBACK
An arrangement where a person sells property to an ...
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LAND SURVEYOR
A qualified professional who is trained to establi ...
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LAND USE PLANNING
An effort by a municipality to establish guideline ...
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LAND USE SUCCESSION
The gradual change in the use of land in an area o ...
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LANDLORD
Also known as "lessor". The owner of a property wh ...
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LANDSCAPE ARCHITECT
A professional designer of ground works who takes ...
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LATENT DEFECTS
Problems with a property or building which are not ...
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LEASE
A written agreement to rent a property or part of ...
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LEASE WITH OPTION TO PURCHASE
A rental contract which allows the tenant to purch ...
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LEASEHOLD ESTATE
The interest held by the lessee (the tenant or ren ...
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LEASEHOLD IMPROVEMENTS
Additions to a rented premises made by the tenant, ...
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LEASEHOLD MORTGAGE
A loan secured against a tenant's interest in a pr ...
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LEGAL DESCRIPTION
A description of a piece of real estate that is dr ...
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LENDER
Any individual or company which provides money to ...
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LESSEE
A tenant under a lease agreeement. ...
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LESSOR
A landlord under a lease agreement (the owner of t ...
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LETTER OF INTENT
A written indication to the owner of property that ...
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LEVY
To charge or assess a tax or charge - in sectional ...
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LIFE TENANT
A person who enjoys the rights of occupation of a ...
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LINE OF CREDIT
A flexible form of loan in which the lender agrees ...
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LOAN-TO-VALUE RATIO
The ratio between a mortgage loan and the value of ...
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LOCK IN
Obtain a commitment from a lender to guarantee a c ...
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LONG LEASE
A long-term lease of land (generally 99 years or l ...
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LONG TERM LEASE
In most markets, this refers to a lease whose term ...
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LOW-BALL OFFER
A slang term for an offer to purchase a property w ...
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