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Land income
Income from land ownership. It is received by the owner from the rental or sale of a property.
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Land register
Administrative documents including the parcel plan, the sectional status and the cadastral matrix, allowing the identification of the properties of each commune and which can be consulted at the corresponding town hall.
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Lease
A document defining the contractual relationship between landlord and tenant. Some of them are subject to specific regulations, others are subject to the free will of the parties within the framework of the provisions of the Civil Code. They are also called “rental contracts”.
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Living area
Area of an apartment strictly reserved for living. It does not take into account the surface of the stairs, the cellar, the balconies and even the thickness of the walls. It is a surface which is announced at the time of the sale of an apartment.
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Life annuity
Real estate sales contract by which the buyer, in addition to an initial payment freely chosen by the parties (the “bouquet”), will pay the seller an annuity during the latter’s lifetime. The annuity is calculated according to the balance between the bouquet and the sale price, and according to the life expectancy of the seller. A life annuity is said free if the sold good is unoccupied; it is said occupied if the good is occupied, either by the salesman, or by a tenant.
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Lifting of reservations
Within the framework of a VEFA, the purchaser has the possibility of expressing reservations in the report of reception of his real estate, if he discovers defects. Because of the application of the guarantee of perfect completion, the promoter is held to carry out the lifting of said reservations in the year which follows.
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Location plan
Plan showing the geographical location of the land concerned within the perimeter of the municipality to which it belongs.
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Lot
A delimited and bounded parcel of land forming part of a subdivision.