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Real Estate Dictionary

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land

A general term that usually refers to the ground and those natural objects that are more or less permanent on it. This includes trees, crops, and mineral deposits, unless they are specifically excepted in a contract.

land banking

The practice of acquiring land for future use, as for a residential subdivision or commercial mall.

land contract

see contract for deed.

land installment contract

see contract for deed.

land surveyor

A professional who is trained to establish, measure and verify the boundaries of properties and the buildings constructed on those properties.

land-sale leaseback

An arrangement whereby a person sells property to another person and then immediately rents it from the new owner.

land-use succession

The gradual change in the use of land that occurs in a neighborhood or area over a period of years (e.g., from industrial to residential).

land/building ratio

An analysis that compares the value of land to the value of improvements made to that land.

landlocked

A property that does not border any public road; it is surrounded entirely by privately owned land.

landlord

Also known as lessor. The owner of a property who allows another person (or persons) to occupy that property in return for periodic payments of rent. The amount of the rent payments and the terms and conditions of the rental are usually established by a lease.