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Glossary

We want to make it as easy as possible for you to do business with us.
We try and use plain english wherever we can. Unfortunately the law
like any other industy has its own language and we can't always promise
that we won't be using words that are second nature to us, but may not
be second nature to you.

To help you find your way around the maze of legal terminology we've
provided you with a short glossary of some of the legal terms which you
are more likely to come across in our correspondence and documentation.

Our list, some of which is adapted from www.nolo.com is not exhaustive
as we have not intended to provide a detailed legal dictionary. There are
a number of other excellent websites however which will assist you should
you need any further explanations beyond those in our glossary.

Click on the following link and you will find a legal dictionary which may not
keep you amused, but will keep you informed.

www.nolo.com

Land and Property Information NSW (LPI)

A division of the Department of Lands which keeps records affecting land within New South Wales. When you buy or sell a property it is the LPI which is notified and updates the records. Similarly if you lease a property your lease would be registered with the LPI who will up date records.

Landlord

The owner of any real estate such as a house, unit, building, or land that is leased or rented to another person called the tenant.

Law Society of NSW

The representative body of all practising solicitors in New South Wales. In order to practise, a solicitor must have a certificate issued by the Law Society.

Lease

An oral or written agreement (a contract) between two persons concerning the use by one of the property of the other. A person can lease real estate or personal property such as a car or a boat. The lease should cover basic issues such as when the lease will begin and end, the rent or other costs, how payments should be made, and any restrictions on the use of the property. The property owner is called the lessor and the person using the property is called the lessee. In domestic leases sometimes the parties are called landlord and tenant. Different laws may cover different types of leases. Retail leases in New South Wales are covered by the Retail Leases Act which has its own special provisions in relation to the way in which the lease is to be entered into.

Lease Option

A contract in which an owner leases property to a tenant but gives the tenant the option to re-lease the property at the end of the term on the same terms and conditions except for the amount of rent and the availability of any further option.

Legislation

A law passed by either the State or Federal Parliament.

Liability

The state of being legally responsible for an act or omission. The effect of that liability is to render the liable person liable for damages, some other form of punishment or some type of court order requiring the person to do something.

Libel

A statement about a person published in writing or through Broadcast Media but injuries the person's reputation or standing in the community.

Licence (of Invention, Copyright or Trademark)

A contract giving written permission to use an invention, copyright, trademark or some other creative work. There is usually a fee called a licence fee or royalty. A licence provides a way to make money from your invention or creative work without having to manufacture and sell copies yourself.

Lien

The right of a person to hold onto or take money or property if you do not fulfil your part of an agreement. A lawyer may have a lien over a file kept for a client if costs are not paid. A real estate agent may have a lien over deposit monies held by him if his commission is not paid. A motor vehicle repairer may have a lien over your vehicle if repair costs are not paid.

Life Insurance

A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of a policy holder. The nomination of a beneficiary needs to be constantly reviewed by the policy holder.

Life Tenant

A person who has a life estate in real property.

Limited Liability

The maximum amount a person can lose if a business is subject to debts, claims or other liabilities. Sole traders or partnerships generally do not have limited liability. Corporations do.

Liquid Assets

Business property that can be quickly and easily converted into cash such as stock, bank accounts and accounts receivable.

Litigation

The process of bringing and pursuing (litigating) a law suit.

Local Court

A Magistrate's court which deals with both criminal and civil cases of a lessor nature. In the criminal area jurisdiction is limited by the seriousness of the crime. In the civil area jurisdiction is limited either by the sum of money or the type of case that comes before the court.

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