Dictionary

Lessor

Definition:  the landlord or owner; party granting a lease Pronunciation:  \ˈle-ˌsȯr, le-ˈsȯr\ Used in a Sentence:    Lessors are free to charge as much as they want for a house....

Lessee

Definition:  a tenant or leaseholder; party given a lease Pronunciation:   \le-ˈsē\ Used in a Sentence:   The lessee has the right to expect the landlord to make all necessary repairs in...

Lender’s Policy

Definition:  Title insurance that is issued for the unpaid mortgage amount that protects the lender against title defects. Pronunciation: Used in a Sentence:   The bank required a lender’s policy for...

Legally Sufficient

Definition:   A complaint that contains facts that indicate a violation has occurred of a Florida statute or a FREC or DBPR rule. Pronunciation:   \ˈlē-gəl-ē\\sə-ˈfi-shənt\ Used in a Sentence:   Upon investigation,...

Legal Description

Definition:   A description of a particular piece of property in such a way that uniquely identifies that parcel from any other property. Pronunciation:   \ˈlē-gəl\ \di-ˈskrip-shən\ Used in a Sentence:   A legal...

Leasehold Estate

Definition:   A tenancy in real property held under a lease arrangement for a definite number of years; nonfreehold. Pronunciation:   \ˈlēs-ˌhōld\ \i-ˈstāt\ Used in a Sentence:  Under a lease, the tenant possesses...