WORDS, PHRASES & DEFINITIONS
Look for words, Phrases & Definitions in Alphabetical Order:
Laches - Inexcusable delay in asserting a right.
Landowner's Royalty - An interest in unsevered oil and gas granted to a third person or reserved by a landowner on occasion of his/her alienation of an interest in real property.
Land Contract - An agreement entered into for the sale and purchase of land.
Lands, Tenements, Hereditaments - Inheritable lands or interests in them.
Latent - Concealed.
Lateral Support - The support the soil gives to the land of an adjacent owner.
Lease - A writing constituting a conveyance of real property form a term of years and a contract for its possession during that term.
Leasehold - The estate for years created by a lease.
Legacy - A gift of personal property by will.
Legal Description - A description of real property sufficient to locate it on the ground by reference to government surveys or approved recorded maps.
Legatee - A person to whom personal property is given by will.
Lessee - The person acquiring an estate for years in a lease.
Lessor - The person transferring an estate for years in a lease.
Letters of Administration - Formal written evidence of court appointment of a personal representative of the estate of an intestate decedent.
Letters of Conservatorship - Formal written evidence of court appointment of a conservator of the person, or of the estate, or of the person and estate of a conservatee.
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 of Testamentary - Formal written evidence of court appointment of a personal representative of the estate of a testate decedent.
Levy - Seizure of property by judicial process.
Lien - A charge upon property for the purpose of securing the payment or discharge of a debt or obligation.
Life Beneficiary - A person entitled to receive a benefit for life.
Life Estate - An estate measured in duration by the lifetime of a natural person.
Limitations, Statutes of - Statutes limiting the time within which parties having a cause of action must institute proceedings to enforce the same.
Lineal - In a direct line.
Lis Pendens - A recorded notice of the pendency of an action.
Lite Pendente - While the action is pending.
Littoral - Pertaining to the shore.
Living Trust - A trust becoming operative in the lifetime of the person creating it.
Loan Policy - A policy of title insurance insuring the interest of a lender.
Lock-In-Clause - A loan provision specifying a period during which no repayment is permitted.
Loss Payable Clause - An endorsement to an insurance (fire) policy specifying parties (lenders) entitled to participate in proceeds in the event of loss.
L.S. - Abbreviation for "locus sigilli" meaning the place for a seal.
Lot Split - Ordinarily, sale of a portion of a parcel of land.
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