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Home Categories Real Estate Investing Junior debt refers to bonds or other debt that has been issued at a lower priority than senior debt. Turnkey money is sometimes synonymous with collateral. In other cases, it’s a bribe. Land can refer to real estate or property, less buildings and equipment, that is marked by fixed spatial boundaries. Land trusts are organizations that, at the request of the landowner, take over the legal possession, management, or partial control of property. The cost of the land is the cost of the land, as well as any improvements that have been made to it. Landlocked in the context of real estate refers to a property that is inaccessible by public roads other than through an adjacent lot. Leasehold improvements are changes made to a leased property to suit the specific needs of the tenant. The lessor is the owner of the asset that is being leased or leased to another party, known as the lessee. Waiver of pledge is a written agreement between the payer and the counterparty, in which the specified counterparty waives its right to impose a pledge on the property or goods of the payer. A similar exchange is used when someone wants to sell an asset and acquire a similar one, while avoiding capital gains tax.