Toronto Real Estate Glossary L
(Liability Insurance - Lot)

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Liability Insurance
Policy that protects against claims against them of property damage, personal injury, negligence, etc.

Lien
Legal claim placed on the property of a person as security for money owed.

Linkage
The time and distance between a designed use of property and the intended users.

Listing
Property placed on the market by a real estate listing agent.

Listing Agent
The sales agent who had obtained the right from a seller to handle the marketing of a piece of property.

Listing Broker
The real estate broker who is responsible for the listing of a property and who is to represent the interests of the seller.

Living Unit
One single dwelling, condo, apartment, house, etc.

Loan Rates
The interest rate charged for a loan.

Loan Term
The amount of time that is set for the repayment of the mortgage or loan. Conforming loans are usually 15 or 30 years.

Loft
Unpartitioned living space (one large room) or a space built just below the roof, above a larger room. Upper floor of a factory or warehouse.

Long Term Assets
Also called fixed assets, they are assets such as office equipment that can be depreciated.

Lot
Plot of ground, which may or may not be developed.

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