Glossary of terms used on this site
There are 149 entries in this glossary.L
| Term | Definition |
|---|---|
| Land Contract |
An installment contract for the sale of land whereby the seller (vendor) holds legal title and the buyer (vendee) has equitable title until the sales price is paid in full. |
| Lease |
An agreement by which an owner of real property (lessor) gives the right of possession to another (lessee), for a specified period of time (term) and for a specified consideration (rent). |
| Legal Description |
A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other. |
| Lender |
Any person or entity advancing funds which are to be repaid. A general term encompassing all mortgagees, and beneficiaries under deeds of trust. |
| Lien |
An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens. |