Letter of credit – for example, in a situation where a property buyer will pay the purchase price towards the seller via released mortgage loan, this is a document signed by a local Bank towards the seller to guarantee payment…

Letter of advice – this is a written notification of an action which has been done by the issued of the letter. For example, a letter of advice issued by a bank to confirm a transaction previously made, in order…

Letter agreement – within the Contracts & Obligations Law, this term details a written preliminary contractual document, authorizing the contractor to start the job straight away with or without detailing the price/fee agreed between parties.

Lesser – this legal term details the figure of a person or judicial body who owns a real estate and leases it to another party called “lessee”, against payment.

Lessee – in the meaning of the Property Law, this is the figure of a person or judicial body to whom a real estate or a car has been leased to by the property owner called “lesser”, on the base…

Lending authority – within the meaning of the Commercial Law this is a trading bank, registered and regulated by the local legislation and supervised by the National Bank Institution, which institution can release loans to borrowers against remuneration.

Lenders property valuation survey – in order to release a mortgage loan, in many countries the banks may require a valuation survey to be done by a licensed independent surveyor for the property, so the bank can ensure that they…