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There are currently 12 terms in this directory beginning with the letter L.
Land Contract
See “Contract for Deed.”
A grant of the use of land for a term of years in consideration of the payment of a monthly or annual rental.
Lender’s Policy
A form of title insurance policy which insures the validity, enforceability and priority of a lender’s lien. This policy does not provide protection for the owner.
One who takes land under a lease.
One who grants land under a lease.
A hold, claim or charge allowed a creditor upon the land of a debtor. Some examples are mortgage liens, judgment liens and mechanics’ liens.
Life Estate
A grant or reservation of the right of use, occupancy and ownership for the life of an individual.
Lis Pendens
A notice recorded in the official records of a county to indicate that a suit is pending affecting title to the land in the jurisdiction where the notice is recorded.
Loan Estimate
A three-page Loan Estimate (also called LE) must be provided to the consumer no later than three business days after they submit a loan application for most mortgages. The Loan Estimate provides information about key features, costs and risks of the mortgage loan for which the consumer is applying.
Loan Policy
See “Lender’s Policy.”
Loss Payable Clause
A clause in a contract of insurance which says any loss will be paid to two or more parties as their interest may appear. Usually the owner and the mortgage lender.
A part of a subdivision or block having fixed boundaries ascertainable by reference to a plat or survey.