Construction Terminology

Construction Terms

Lease With Option
A rental contract which allows the tenant to purchase the property during the period of the lease. Payments under the lease
may be credited (in whole or in part) against the purchase price.

Legal description
A description of a piece of real estate that is drafted according to legal requirements and which clearly and adequately
establishes the identity of the property so described. Found in most instruments for registration on title to land.

Lessee
A tenant under a lease.

Lessor
A landlord under a lease (the owner of the property being rented).

Lieu Foreclosure
A legal instrument in which a borrower conveys property to a lender under a mortgage to save the expense of foreclosure.
See also quit-claim deed.

Limited Liability
Responsibility or obligation which is restricted to the limits set out.

Lot Line
The legal perimeter of a parcel of property, often shown on a survey of the property

Labor Lein
A Labor Lien is a legal document filed and recorded against a piece of property. This lien is normally filed by a
subcontractor that has provided labor for a project but has not been paid.

Legal Description
A description of a piece of real estate that is drafted according to legal requirements and which clearly and adequately
establishes the identity of the property so described. Found in most instruments for registration on title to land.

Lein Waiver
The surrender or passing up on one's right to a claim.

Lessee
A tenant under a lease

Lessor
A landlord under a lease (the owner of the property being rented).

Lieu Foreclosure
A legal instrument in which a borrower conveys property to a lender under a mortgage to save the expense of foreclosure.
See also quit-claim deed.

Litigation
Litigation is a term used to refer to possibly filing a lawsuit in court in order to resolve a dispute.
Category Construction Glossary
L