Real Estate Terms L

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Lake Las Vegas - A large masterplanned community in Henderson built around a small man made lake featuring homes, townhomes and condominiums.

Lantern - A windowed superstructure at the top of a roof or dome; a small cupola.

Latent Defect - Hidden structural defect in a property.

LEED (Leadership in Energy and Environmental Design) - Green Building Rating System, developed by the U.S. Green Building Council, provides a suite of standards for environmentally sustainable construction. Certification is granted solely by the Green Building Council and they are responsible for issuing the LEED system used on a project.

Lien - An encumbrance against property for the payment of debt; a lien may be a mechanic's lien, mortgage, unpaid taxes or judgment.

Lis Pen dens - A public notice that litigation is pending on a property.  See cloud on title.

Listing- Real estate for sale by a real estate agent who has been authorized by the property owner to sell it.  Also used to describe a property so listed in the MLS.

Listing Agreement- The actual agreement between a real estate agent and the owner of the property, authorizing the agent to find a buyer for the listed property. If the property is sold, the listing agent will be paid a commission based on the listing agreement.

Loggia - an Italian architectural design. Usually a ground level gallery or corridor on the facade of a building. One side is open to the air, where is supported by columns or there are openings in the wall.

Real Estate Glossary