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L
There are 19 entries in the definition.
Pages: 1
Term Definition
Land ContractAn installment contract for the sale of land whereby the seller (vendor) holds legal title and the buyer (vendee) has equitable title until the sales price is paid in full.
 
LandmarkAny conspicuous object that helps establish land boundaries.
 
LeaseAn agreement by which an owner of real property (lessor) gives the right of possession to another (lessee), for a specified period of time (term) and for a specified consideration (rent).
 
LeaseholdAn estate in real property held under a lease for a fixed term.
 
Legal DescriptionA description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.
 
LenderAny person or entity advancing funds which are to be repaid. A general term encompassing all mortgagees, and beneficiaries under deeds of trust.
 
Lender's PolicyA title insurance policy which insures the validity, enforceability and priority of a lender's lien. This policy does not provide protection for the owner.
 
LesseeA party to whom a lease (the right to possession) is given in return for a consideration (rent).
 
LessorA landlord; one who gives a leasehold to a lessee.
 
LicensePermission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.
 
LienA claim by one person on the property of another as security for money owed. Such claims may include obligations not met or satisfied, judgments, unpaid taxes, materials or labor.
 
Lien WaverAlso called "waiver of liens." A waiver of mechanic's lien rights, signed by contractors or subcontractors so that the owner or general contractor can receive funds from a construction loan.
 
Life EstateA grant or reservation of the right of use, occupancy and ownership for the life of an individual.
 
LinkIn surveying, a length of 7.92 inches.
 
Lis PendensA legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent tot eh date of the notice may be bound by the outcome of the litigation.
 
Loan PolicyAlso called "mortgage policy." A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust.
 
Lock-InA guarantee, for which you are usually charged a fee, that you will receive a specific rate when you close your mortgage.
 
Loss Payable ClauseA provision added to a Fire and Casualty Policy which says any loss will be paid to two or more parties as their interest may appear. Usually the owner and the mortgage lender.
 
LotGenerally, any portion or parcel of real property. Usually refers to a portion of a subdivision. 
 


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