|
J |
|
| Joint
agency |
Where
two or more agents are appointed and only the successful
agent earns the Commission |
| Joint
tenancy |
Concurrent
ownership of property, such that each tenant, rather than
having a distinct share in the property, is to be treated as
far as outsiders are concerned as the single owner of the
entire property. On the death of one joint tenant, his/her
interest accrues for the benefit of the other joint tenant
or tenants surviving. |
|
L |
|
| Land |
For
legal purposes, an area of ground together with any
vegetation or permanently attached buildings and including
the earth below |
| Land
Office Title |
Title
for lands under the jurisdiction of the Land Office |
| Landlord
and tenant |
Lessor
and Lessee |
| Lease |
The
conferring by one person (the lessor) upon another (the
lessee) of a right to exclusive possession of certain land
for a definite period in return for rent; also the deed
giving effect to such a transaction. |
| Leasehold |
And
held for a maximum term of 99 years which, upon expiry,
reverts to the State Authority |
| Legal |
lawful,
as opposed to illegal; also, as referring to common law, as
opposed to equity. |
| Legal
title |
As
opposed to an equitable interest, refers to the formal
ownership of the property (the equitable interest being
confined to fights of use or enjoyment). |
| Licence |
A
personal privilege granted by a landowner giving the
licensee a right of entry into the landowner's property. |
| Lien |
Security
for a loan created when the proprietor of land deposits his
Issue Document of Title with the lender. |
| Limitation
of actions |
The
principle that after the lapse of a certain length of time,
an action is no longer maintainable |
| Local
Plan |
Covers
detailed implementation of the "Structure Plan" |
| Lot |
Any
surveyed piece of land to which a lot number has been
assigned by the Director of Survey |
