Landlord's warrant - A distress warrant; a warrant from a landlord to levy upon a tenant's personal property (e.g., furniture, etc.) and to sell this property at a public sale to force rent payment or the fulfillment of some other lease obligation.

Lead manager - An investment banking firm which handles the principal duty of coordinating the new issuance of securities.

Lease - A written contract in which the owner, landlord or lessor of real property provides the use of a property to another party for a specified time period and for a specified value.

Lease agreement - The formal legal contract entered into by a landlord and a tenant that captures the negotiated terms of a rental situation.

Lease assignment - An agreement between a property owner and a lender that assigns lease payments directly to the lender.

Lease commencement date - The date usually constitutes the beginning of a lease's term, regardless of whether the tenant actually occupies the property on that date, as long as beneficial occupancy is possible.

Leasehold interest - The lessee's right to use the leased property for a fixed period of time at a given price, without transfer of ownership. Usually used in condemnation award determinations, where the current lease amount is less than the market rate. The difference between the total remaining rent under the lease and the rent lessee would have to pay for similar space for the same time period.

Lease purchase - An agreement that assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease it first with an option to buy. The rent payment is made up of the monthly rental payment plus an additional amount that is credited to a separate account for use as a down payment.

Leasehold improvements - The cost of improvements for a leased property, often paid by the lessee, and used in condemnation proceedings to establish the portion of the award to which a lessee is entitled.

Leverage - The ability to control an investment by a small amount of capital outlay, such as a deposit or down payment. The borrowing of funds to finance part of the purchase or development costs of a real estate investment. Positive leverage occurs when the interest rate on the borrowed funds is lower than the capitalization rate or projected internal rate of return. Negative leverage occurs when the current return on equity is smaller than the cost of servicing the debt.

Lifecycle - A property's developmental stages: planning, development, leasing, operating and redevelopment, renovation or rehabilitation.

Like-kind property - A term used in an exchange of similar investment properties held for productive use in a trade or business or for investment, but not including inventory, stocks or bonds. Section 1031 of the Internal Revenue Code postpones the tax consequences of the exchange unless cash is received.

Limited partnership - A partnership made up of one or more general partners and one or more limited partners. General partners manage the partnership's business and assume personal liability for the partnership's debts. Limited partners contribute capital and share in profits but remain "silent partners" who take no active part in running the business and limit their liability to their investment contribution.

Liquidity - The ability of a business or person to convert their assets into cash, preferably without any loss in value.

Listing agreement - An written contract between a real estate broker and a property owner giving the broker the authority to offer for sale or lease the property at a specified price or price range and terms in return for a compensation, such as a commission or set fee.

Long-term lease - Commonly a lease whose term is three or more years from the date of initial signing to the date of expiration or renewal.

Lot - Generally a fractional part of a subdivision; one of several contiguous pieces of land making up a subdivided part of a block, the boundaries of which are on recorded plat or survey maps.

Low-rise - A building four or less stories above ground level.

Lump-sum contract - A construction contract that requires a general contractor to finish a building or project at a fixed cost. Normally the fixed cost is established by competitive bidding and the contractor absorbs any loss or retains any profit.