Glossary
Land Contract
Landmark
Any conspicuous object that helps establish land boundaries.
Lease
A grant of the use of lands 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 form does not provide protection for the owner.
Lessee
One who takes lands upon a lease.
Lessor
One who grants lands under a lease.
Lien
A hold, claim, or charge allowed a creditor upon the lands of a debtor. Some examples are mortgage liens, judgment liens, mechanics' liens.
Life Estate
A grant or reservation of the right of use, occupancy and ownership for the life of an individual.
Link
A term of land measurement being 1/100th of a chain or 66/100ths of a foot.
Lis Pendens
A notice recorded in the official records of a county to indicate that a suit is pending affecting the lands where the notice is recorded.
Loan Policy
Loss Payable Clause
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.
Lot
A part of a subdivision or block having fixed boundaries ascertainable by reference to a plat or survey.
