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Real Estate Glossary

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Land Tax

It is the state tax based on the value of a property (not the place of residence) paid by the owner.

Landlord

The person who owns a land or house or real estate, which is rented or leased to an individual or a business organisation.

Lease

A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.

Leasehold

The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfilment of certain conditions as recorded in a lease agreement.

Load bearing

An element in a building structure( usually a wall) with the capacity to support the weight resting on it in addition to its own.

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