Glossary - L

Land – Real property
the surface of the earth and that which is affixed to it permanently, that which is below it and the space above it.

 

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.

 

Legal description
A description recognized by law that is sufficient to locate and identify a property without oral testimony.

 

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
See “Lender’s 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.

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