|
0 - 9
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
|
| Term |
|
Description |
|
| Land Contract |
|
An agreement for the purchase or sale of real property. (See Also:
agreement of sale, conditional
sales contract) |
|
| Landlord |
|
A property owner who leases his/her property. |
|
| Law Judges, Office
of Administrative |
|
The mission of the Office of Administrative Law Judges is to provide due process through timely
and fair dispositions of all matters brought before us. We are dedicated to achieving this goal,
whether presiding over on-the-record hearings, motion practice, or participating as settlement
judges. The judges are appointed pursuant to the Administrative Procedure Act (5 USC 551), and
are, therefore, independent of agency influence in their proceedings and decisions. |
|
| Lease |
|
An agreement to temporarily occupy someone’s property. |
|
| Legal Description |
|
A means by which others can locate property. It is most often described using the Section,
Township and Range method. This term is especially important when you are attempting to buy raw
land in a rural area. If there are no close roads or address, the only way to refer to the property in a
legal manner is by using a legal description. |
|
| Leverage |
|
The use of credit to enhance one's speculative capacity. Frequently, the cash investment is
very small compared to the property value. |
|
| Lien |
|
An encumbrance on a property title/deed that must be paid or resolved prior to a sale. (See
also: Mechanic's Lien) |
|
| Life Estate |
|
An interest in real property, which is held for the duration of the life of some certain person. |
|
| Liquidate |
|
To determine by agreement or by litigation the precise amount of (indebtedness,
damages, or accounts);
To determine the liabilities and apportion assets toward discharging the indebtedness of;
to settle (a debt) by payment or other settlement.
|
|
| Liquidity |
|
Consisting of or capable of ready conversion into cash. |
|
| Lis Pendens |
|
A notice recorded for the purpose of warning all persons that the title or right of possession of
certain real property is in litigation. Gives constructive notice of such litigation. |
|
| Listing |
|
To place in a specified category such as acontract between the principal and broker authorizing
the broker to perform services involving the principal's property. |
|
| Loan (Conventional) |
|
A loan that's neither guaranteed nor insured by Federal Housing Administration (FHA) or
Veterans' Administration (VA). |
|
| Loan Costs |
|
The actual expense for services rendered in obtaining a loan including appraisal fees,
attorney fees, survey fees, loan commissions, etc. |
|
|
|
|
| [Return to top of page]
[Return to Definitions] |
