Glossary of Terms

Lease	Contract between lessor (landlord) and lessee (tenant) for exclusive possession of realty for specified period under specific terms after which property reverts to lessor.
Leaseback	The purchase of improved property and the leasing of it back to seller; creates capital and favored tax treatment for seller.
Leasehold	The interest which a lessee has in realty.
Letter of Intent	A document agreement between a buyer and a seller used in connection with the acquisition of a company. The letter of intent describes the basic terms and conditions of the transaction between the buyer and the seller, including price, due diligence periods, exclusivity or no-shops, and the basic conditions to closing the deal. Customarily presented before a definitive purchase agreement is entered into, the letter of intent provides a road map for the parties involved in the transaction.
Lien	A debt; a claim against property for payment of some debt.
Liquidating Value	The value of a company based on the market value of its assets, net of liabilities.
Lis Pendens	Notice filed in a registry of deeds warning all persons that title to certain property is in litigation.
Listing	A written engagement (contract) between a principal and an agent authorizing the agent to perform services for the principal involving the principal's property (business). Generally the services provided by the agent involve the proposed sale of the principals property or business. Also, the property or business listed by the agent is called a Listing.