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LAND - In real estate,
the surface of the earth including subsurface material and air
above the surface.
Land Contract: Also known as
Contract for Sale, or Agreement for Sale. The seller keeps
title while the buyer gets possession. Title passes when the
property has been fully paid for.
LAPSE
- In the context of an option, allowing the option to expire
without exercise.
LEASEHOLD ESTATE
- A less than freehold interest of possession in real estate
that is purchased by the payment of rent.
LEASEHOLD IMPROVEMENTS
- Improvements to rented property done at the expense of the
lessor (landlord).
Legal
Description: A
description of real property either by government survey,
metes and bounds, or reference to recorded lot, block, and
tract.
LEGAL LIFE ESTATE
- A life estate required by state law, such as dower, curtesy,
or homestead.
Leverage: use
of other peoples' money to make money. Purchasing real
property with a minimum down payment is a use of leverage.
LIABILITY
- In accounting, a debt. In law, the responsibility for one's
actions or one's agent's actions.
LICENSE - A privilege given to someone to
use the land of another.
Lien
A 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. (See
also special lien.)
LIFE ESTATE
- Ownership of property that continues throughout someone's
life.
LIFE TENANT
- The owner of a life estate.
LIMITED PARTNERSHIP
- A partnership with two classes of partners. One class runs
the business of the partnership and the other passively
invests.
LIMITED WARRANTY DEED - SPECIAL WARRANTY DEED
- A deed in which the grantor makes a covenant only against
encumbrances caused by the grantor's own actions, unless other
encumbrances are disclosed.
LIQUIDATED DAMAGES
- Predetermined compensation in an agreement in the event of a
default on that agreement.
LIQUIDITY
- The ability to convert an asset to cash quickly without
significant loss.
LISTING - LISTING AGREEMENT
- An employment contract in which the owner of property
employs a real estate broker to find a buyer or tenant for the
property.
LITTORAL RIGHTS
- The right to use and enjoy water from an adjacent ocean, sea
or lake (non-flowing bodies of water).
LOAN TO VALUE RATIO
- A percentage applied to the value of property to establish
the maximum amount the lender will lend.
LOT, BLOCK AND SUBDIVISION - A method of
legal description referring to a recorded map of the
subdivision that outlines and numbers each individual lot.
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