Realestate Explained – L

Glossary

Leasehold

Sometimes land is subject to a lease. The owner of the land leases to the tenant for a fixed rental sum for a fixed period, e.g. 21, 99 or 999 years.

Listing authority

A contract between the owner and the real estate company marketing the property. It details the length of the agency, commission rate and any additional costs. The type of marketing method to be used is assigned and a summary of information about the property is detailed on the Listing Authority.