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Real Estate Terms - L

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Land Grant

A gift of public land by the federal government.

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Landlord

The owner of rented property. Lease A contract between the owner of real property (lessor) and another person (lessee) covering the conditions by which the lessee may occupy and use the property.

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Lease with option to purchase

A lease that gives the lessee the option to purchase the leased property according to terms set forth in the contract.

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Legal Description

The geographical identification of a parcel of land.

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Legatee

One who receives personal property from a will.

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Lessee

One who contracts to rent property under a lease.

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