LACHES:
Material delay or negligence in the timely assertion
of one's rights. Laches is a legal principle under
which one is barred from asserting or claiming
a right.
LAND:
The solid ground of the earth as distinguished
from the sea.
LAND
CONTRACT:
A contract between buyer and seller for the purchase
and sale of land, the purchase price usually being
payable in installments over a considerable period.
The seller (vendor) holds legal title and the
buyer (vendee) holds the equitable title until
the sales price is paid in full.
LANDLORD:
(1) A person from whom a tenant leases land or
buildings. (2) One who runs a rooming house or
inn.
LANDOWNER'S
ROYALTY:
Fractional interest in production of oil and gas
created by the owner of the land, either by reservation
when an oil and gas lease is entered into or by
a direct grant to a third person.
LATENT:
Existing, but lying hidden or concealed. (See,
also "Patent.")
LATERAL
SUPPORT:
Support that soil of an adjoining owner gives
to the neighbor's land.
LEASE:
An agreement granting the use or occupancy of
land during a specified period in exchange for
rent.
LEASEHOLD:
(1) Property held by lease. (2) The estate or
interest in real estate created by a lease.
LEGACY:
A gift of personal property by will.
LEGAL:
(1) Relating to or concerned with the law. (2)
The conformity with or permitted by law.
LEGAL
DESCRIPTION:
Description by which property can be definitely
located on the ground by reference to government
surveys or approved recorded maps; sometimes referred
to simply as the legal.
LEGAL
TITLE:
Title which is enforceable in a court of law,
or title which is perfect in its right of ownership
and possession, but carries no beneficial interest
in the property.
LEGATEE:
Person to whom personal property is given by will.
LESSEE:
A tenant holding a lease.
LESSOR:
One who gives a lease to a lessee.
LETTERS
OF ADMINISTRATION:
Formal written evidence of court appointment of
a personal representative of the estate of an
intestate decedent.
LETTERS
OF GUARDIANSHIP:
Formal written evidence of court appointment of
a guardian for the person, estate, or person and
estate of a minor or of an incompetent.
LETTERS
TESTAMENTARY:
Formal written evidence of court appointment of
a personal representative of the estate of a testate
decedent.
LEVY:
A seizure of property by judicial process.
LIABILITY:
A legal obligation or responsibility for the payment
of a loss or damages or a debt.
LICENSE:
In title industry parlance, permission to go upon
or use the land of another, the permission being
a personal privilege and not constituting an interest
in the land.
LIEN:
The liability of real estate as security for payment
of a debt. Such liability may be created by contract,
such as a mortgage, or by operation of law, such
as a mechanics lien.
LIFE
ESTATE:
An estate of ownership in real estate which exists
only during the term of a certain person's life.
LIFE
TENANCY:
An estate in real property in which the tenant
has a freehold interest for his life or for the
life of another (pur autre vie). Black's Law Dictionary
- 5th Ed.
LIFE
TENANT:
One who holds an estate in lands for the period
of his own life or that of another certain person.
Black's Law Dictionary - 5th Ed.
LIMITED
WARRANTY DEED:
A written warranty which fails to meet one or
more of the minimum standards for a full warranty.
15 U.S.C.A. Section 2303.
LINEAL:
(1) Being in the direct line of descent and inheritance
from an ancestor. (2) A direct line as related
to a measurement.
LIS
PENDENS:
A pending lawsuit. A lis pendens notice is legal
notice to the world that a lawsuit is pending,
particularly as relates to real estate.
LISTING:
(1) Placing real estate with a broker for sale
or lease. (2) A conditional agreement to pay a
commission to the broker if and when he finds
a qualified buyer or tenant.
LITIGATION:
Legal proceedings, a lawsuit in which a dispute
is submitted to a court for determination.
LOAN
POLICY:
A policy of title insurance intended to protect
the party providing a loan.
LOCK
BOX DEED:
Deed placed in a safe deposit box which is not
opened until after death. It raises the legal
issue of delivery.
LOSS:
(1) In the title industry, damage suffered by
a person resulting from defects in or liens upon
his title to real estate. (2) Money paid by a
title insurance company in settlement of policy
claims.
LOT
SPLIT:
Sale of part of a pre-existing parcel of land.
Lot splitting is generally regulated by local
zoning ordinances.
