Lease
A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).
Leasehold
The estate or interest a tenant has as stated in the tenant's lease.
Lessee
An individual (i.e., tenant) to whom property is rented under a lease.
Lessor
An individual (i.e. landlord) who rents property to a tenant via a lease.
Letter of Intent
An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations.
Listing
An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property.
Loss Factor
What percentage of the gross area of a space is lost due to walls, elevator, etc. Rule of thumb in Manhattan is approximately 15%.
