There are 98 names in this directory beginning with the letter L.
Laches, Doctrine of
A legal principle holding that the law will refuse to protect those who fail to assert their legal rights within the time period prescribed by the statute of limitations, or (if there is no applicable statute of limita_tions) within a reasonable time.
In the legal sense, it is the solid part of the surface of the earth, everything affixed to it by nature or by man, and anything on it or in it, such as minerals and water; real property.
Condition of a lot that has no access to public thoroughfare except through an adjacent lot.
A monument, natural or artificial, set up on the boundary between two adjacent properties, to show where the boundary is.
An objective or purpose of a contract that does not violate the law or a judicial determination of public policy.
A transfer of a leasehold estate from the fee owner (the landlord or lessor) to a tenant (or lessee); a contract in which one party pays the other rent in exchange for the possession (and profits) of real estate. Sometimes called a rental agreement.
A lease combined with an option agreement that gives the lessee (tenant) the right to purchase the property under specified conditions.
A lease combined with a purchase agreement that obligates the lessee (tenant) to purchase the property under specified conditions.
A lease in which the tenant pays a fixed rent based on the landlord's esti_mate of annual operating expenses, with any excess expenses charged to the tenant at the end of the year.
A lease in which the rent is set at a fixed amount, and the landlord pays most or all of the property's operating expenses. Also called a gross lease, flat lease, or straight lease.
A lease in which it is agreed that the rental payments will increase at certain intervals by a specified amount or according to a specified formula. Also called a step-up lease.
A type of graduated lease in which the periodic rent increases are tied to increases in the consumer price index, or some other eco_nomic indicator.
A lease of the land only, usually for a long term, to a tenant who intends to con_struct a building on the property. Also called a ground lease.
A lease requiring the tenant to pay the property's operating expenses (such as taxes, insurance, maintenance, and repairs), in addi_tion to the rent paid to the landlord.
A lease in which the rent is based on a percentage of the tenant's monthly or annual gross sales.
A leasehold interest lying be_tween the property owner's interest and the in_terest of the tenant in possession; for example, when a tenant subleases the property to a sub_tenant, the original tenant's interest is sand_wiched between the interest of the landlord and that of the subtenant.
A precise description of a parcel of real property; the three main types of legal descriptions are metes and bounds, rectangular survey, and recorded plat.
A bank, savings and loan, or similar financial institution that invests other people's funds in loans; as opposed to an indi_vidual or private lender, which invests its own funds.
Liability, Joint and Several
A form of liabil_ity in which two or more persons are respon_sible for a debt both individually and as a group.
A situation in which a busi_ness investor is not personally liable for all of the debts of the business, as in the case of a limited partner or a corporate stockholder.
1. Official permission to do a particu_lar thing that the law does not allow everyone to do. 2. Revocable, nonassignable permission to use another person's land for a particular purpose. Compare: Easement.
A claim on a property of another as security for money owed. Examples of types of liens would include judgments, mechanic's liens, mortgages and unpaid taxes.
A written notice from a contrac_tor or subcontractor informing a property owner that a lien could be enforced against the prop_erty if bills for construction labor or materials are not paid.
The theory holding that a mort_gage does not involve a transfer of title to the lender, but merely creates a lien against the prop_erty in the lender's favor. Compare: Title Theory.
A lien on property in fa_vor of someone who provided labor or materi_als to improve it. Also called a mechanic's lien or materialman's lien.
A lien arising as a matter of fairness, rather than by agreement or by opera_tion of law.
A lien against all the property of a debtor, rather than a particular piece of his or her property. Compare: Lien, Specific.
A lien that arises by opera_tion of law, without the consent of the property owner. Also called a statutory lien.
A general lien against a judg_ment debtor's property, which enables the judg_ment creditor to force the sale of the property and collect the judgment from the proceeds if the judgment debtor does not pay.
A lien on property in favor of someone who provided labor or materials to improve it. Also called a construction lien or statutory lien.
A freehold estate that lasts only as long as a specified person lives. That person is referred to as the measuring life. Also called an estate for life.
One who is allowed to use property for life or the lifetime of another designated person.
The highest amount over the initial interest rate that an adjustable mortgage can be raised. Lifetime caps are typically in the range of 5.0% - 7.0%. If the initial interest rate is 5.25% and the lifetime cap is 6.0%, the highest interest rate a borrower could pay during the course of the loan would be 11.25% (5.25% + 6.0%).
A property owner who is li_censed to participate as a seller in five or more real estate transactions per year without being represented by another broker, but is not allowed to represent others in real estate transactions.
Limited Liability Company (LLC)
A form of business organization that combines certain characteristics of corporations and partnerships; the managing members are not personally li_able for the company's obligations.
One in which there is at least one partner who is passive and limits liability to the amount invested and at least one partner whose liability extends beyond monetary investment.
Relating to a line; having only length, without depth. A lineal mile is 5,280 feet in dis_tance.
An amount agreed upon in a contract that one party will pay the other in the event of a breach of contract.
Latin for "suit pending", recorded notice of the filing of a lawsuit, the outcome of which may affect title to real property.
Written agreement between a principal and an agent authorizing the agent to perform services for the principal involving the principal's property.
Listing, Exclusive Agency
A listing agreement that entitles the broker to a commission if any_one other than the seller finds a buyer for the property during the listing term.
Listing, Exclusive Right to Sell
A listing agree_ment that entitles the broker to a commission if anyoneincluding the sellerfinds a buyer for the property during the listing term.
A listing agreement in which the seller sets a net amount he or she is willing to accept for the property; if the actual selling price exceeds that amount, the broker is entitled to keep the excess as his or her commission.
A nonexclusive listing, given by a seller to as many brokers as he or she chooses. If the property is sold, a broker is only entitled to a commission if he or she was the procuring cause of the sale.
Land that borders on a station_ary body of water (such as a lake, as opposed to a river or stream). Compare: Riparian Land.
The water rights of an owner of littoral land, in regard to use of the water in the lake.
Loan Application (1003)
A loan application that is required for conforming loans. It has become the standard application for most residential loans, even non-conforming loans.
The organized group of documents that contains all of the information required to obtain an underwriting decision of loan approval or loan denial. Depending on the type of loan and the particular lender, a package may contain some or all of the following as well as other documents: loan application, statement of use of funds, statement of net worth, P & L statements, tax returns, pay stubs, statements from various types of banking and investment accounts, property appraisal, letters of explanati
The ratio of the size of the loan to the value of the property. If the loan is $80,000 and the value of the property is $100,000 the LTV is 80% ($80,000 / $100,000).
A loan that requires regular installment payments of both principal and in_terest (as opposed to interest-only payments). It is fully amortized if the installment payments will pay off the full amount of the principal and all of the interest by the end of the repayment period. It is partially amortized if the install_ment payments will cover only part of the prin_cipal, so that a balloon payment of the remaining principal balance is required at the end of the repayment period.
A loan made in accordance with the standardized underwriting criteria of the major secondary market agencies, Fannie Mae and Freddie Mac, and which therefore can be sold to those agencies.
A loan to finance the cost of constructing a building, usually providing that the loan funds will be advanced in install_ments as the work progresses. Also called an interim loan.
A loan made by an institutional lender and insured by the Federal Housing Ad_ministration, so that the FHA will reimburse the lender for losses that result if the borrower de_faults.
A loan on which the interest rate will remain the same throughout the entire loan term. Compare: Mortgage, Adjustable-Rate.
A loan in which a third party has agreed to reimburse the lender for losses that result if the borrower defaults.
A loan that requires the borrower to pay only the interest during the loan term, so that the entire amount borrowed (the principal) is due at the end of the term.
A loan from which the lender receives some yield in addition to the in_terest, such as a percentage of the income gen_erated by the property, or a share in the borrower's equity in the property.
Long-term financing used to replace a construction loan (an interim loan) when construction has been completed. Also called a permanent loan.
A home loan made by an institutional lender to an eligible veteran, where the Veterans Administration will reim_burse the lender for losses if the veteran bor_rower defaults.
A clause in a promissory note or contract for deed that prohibits prepayment before a specified date, or prohibits it altogether.
Lot and Block Description
The type of legal description used for platted property; it states the property's lot number and block number and the name of the subdivision, referring to the plat map recorded in the county where the property is located. Sometimes called a maps and plats or lot, block, and subdivision description.
Love and Affection
The consideration often listed on a deed when real estate is conveyed between family members with no money ex_changed. The law recognizes love and affection as good consideration (as distinguished from valuable consideration, which is money, goods, or services).