LPI Land and Property Information

The authority responsible for all plans and records relating to the ownership of land throughout the State.

Land

Land is separately defined in various statutes. Where these definitions are not applicable, or there is nothing evident in rebuttal, the Common Law definition applies, ie land extends from the centre of the earth to the sky, including not only the surface but also the soil beneath it and the air above it and all things growing on it or attached to it, but does not include minerals belonging to the Crown. For the definition of land in a strata scheme see Registrar General's Directions for Strata Schemes.

Land Titles

A document or series of deeds purporting to prove the ownership of a parcel of either Torrens or Old System land. Almost all land titles are now held in the Integrated Titling System (ITS) and can be searched in the ITS using a Title Search function. Generally, Old System titles must be searched manually.

Lease

An instrument creating an interest in land for a stated term, usually in consideration of a payment of rent. Registration with LPI of commercial leases is not compulsory, but to gain maximum protection, leases that have a term of more than 3 years should be registered. Residential tenancy leases are not generally registered with LPI.

Leasehold Estate

The interest in land or premises held under a lease by a lessee.

Lessee

The person to whom land or premises is leased.

Lessor

The person, usually the registered proprietor, who leases land or premises in return for payment of rent.

Letters of Administration

An authorisation granted by the Court to persons to administrate the estate of a deceased person who has died intestate, or who died testate without having appointed an executor.

Lien

In relation to a document, a right to retain the document until a debt is satisfied.

Life Estate

An estate of freehold land held during the life of the tenant or for the duration of another's life.

Limitation

A recording in a folio of the Register to the effect that the description of the land in the folio has not been investigated by the Registrar General and the boundaries of which are not guaranteed until defined in a new plan of survey.

Limited Title

A certificate of title issued for land converted from Old System title whereby the boundaries have not been adequately defined in a plan of survey and/or have not been investigated in LPI. A limitation is recorded in the second schedule.

Liquidation

The state of a company during the process of being terminated.

Liquidator

A person appointed to carry out the termination of a company.

Littoral

Relating to the shores of lakes, or the sea and its inlets.

Local Council

The Council for a city, municipality or shire elected by property owners for the purpose of local government.

Lockspits

A type of survey mark used in rural areas comprising either trenches or lines of stones set in the direction of the boundaries.

Lodgment

The acceptance by LPI of dealings, plans and other documents, either by hand or electronically, for processing and registration within that Office.

Loose Leaf Register

Titles within the Torrens title register were originally filed as pages called ‘Folios’ within books called ‘Volumes’, but after Volume 8497 (from 1961), they were filed as loose-leaf pages up until the time that the computerised system replaced paper records. The loose leaf titles are also sometimes known as "New Form" titles.

Line of Credit Loan

A loan that is similar to a credit card, where you are able to withdraw funds as needed. Sometimes regular, minimum, interest-only repayments must be made.

Lender’s Mortgage Insurance (LMI)

A premium paid by the purchaser if the loan is more than 80% of the value of the property. This insurance covers the lender if the borrower defaults on the loan.

Low-Doc Loans

Loans where minimal documentation is required by the applicant. Often used by self-employed people. The interest rate charged is often higher than for a full-doc loan.

Loan-to-Value-Ratio (LVR)

The value of the loan as a percentage of the value of the property.

LMI (lenders mortgage insurance)

Insurance sometimes required by lenders when borrowing more than 80 per cent of the property's value. It provides insurance to the lender in case the borrower defaults on the loan.

LOC (line of credit)

A facility available from financial institutions that gives you a credit limit that you can draw down at any time. It's similar to a credit card, except you don't have to make set repayments of the principal.

Low-doc loans

Loans that don't require as much documentation to set up the loan. They are popular with self-employed people and those who have not yet established a credit rating.

Lower quartile

The price point below which 25 per cent of sales were recorded. If there were 100 sales in a suburb, the 25th lowest price would be the lower quartile price.

LVR

Loan-to-value ratio – to calculate it, divide the loan amount by the value of the property then multiply by 100 to get a percentage. Banks and financial institutions use this as a measure of whether you can afford the loan.

Layby

A Layby is the act of taking a deposit on store merchandise for a customer to purchase at a later date.

Liabilities

Anything that is owed in terms of debts by the business and is listed on the balance sheet.

Long Term Liabilities or Long Term Debt

Liabilities which are due to be paid more than 12 months from the date of the Balance sheet.

Loss Leader

Merchandise sold below cost by a retailer in an effort to attract new customers or stimulate other profitable sales

Loss Prevention

Loss prevention is the act of reducing the amount of theft and shrinkage within a business.