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Jointly and severally liable
Enforceable on the makers as a group and upon each make individually.
Judgment lien
A claim against property in favor of the holder of a court ordered judgement.
Junior mortgage
Any mortgage on a property that is subordinate to the first mortgage in priority.
Land patent
A government document used for conveying public lands in fee to miners and settlers.
Land trust
A Real Estate trust wherein the person who crates the trust (the trustor) is also its beneficiary.
Land-us control
A broad term that describes any legal restriction that controls how a parcel of land may be used.
Latitude lines
Imaginary east-west reference lines that circle the earth.
Lawful objective
To be enforceable, a contract cannot call for the breaking of laws.
Lease
An agreement that conveys the rights to use property for a period of time.
Leasehold estate
An estate in land where there is possession but not ownership.
Legacy
Personal property received under a will.
Legal notice
Information the public is charged with knowing.
Legatee
A person who receives personal property under a will.
Lessee
The tenant.
Lessor
The landlord.
Letter of intent
A document that expresses mutual intent but without liability or obligation.
Liber
Book.
License
A personal privilege to use land on a non-exclusive basis.
Lien
A hold or claim which one person has on the property of another to secure payment of a debt or other obligation.
Lien theory
The legal position that a mortgage creates a charge against property rather than conveying it to the lender.
Life estate
The conveyance of fee title for the duration of someone's life.
Life tenant
One who possesses a life estate.
Lifetime exclusion
From the gain on the sale of a home.
Limited common elements
Common elements, the use of which is limited to certain owners; for example walls and ceilings between condominium units.
Limited partner
A partner who provides capital but does not take personal financial liability nor participate in management.
Limited partnership
A combination of general partners who operate the partnership and take personal financial liability and limited partners who provide the bulk of the capital.
Liquid asset
An asset that can be converted to cash on short notice.
Liquidated damages
An amount of money specified in a contract as compensation to be paid if the contract is not satisfactorily completed. Lis pendens
Litigation is pending.
Listing agreement
An employment contract between a property owner and a Broker.
Littoral right
The lawful claim of a landowner to use or enjoy the water of a lake or sea bordering his land.
Loan escrow
An escrow opened for the purpose of repaying a loan.
Loan points
A charge, expressed in percentage points, to obtain a loan.
Loan progress chart
Shows balance remaining to be paid on an amortized loan.
Loan servicing
The task of collecting monthly payments and handling insurance and tax impounds, delinquencies, early payoffs, and mortgage releases.
Loan-to-value ratio
The amount of money a lender will loan on a property divided by the valuation the lender places on it .
Long cycles
Business cycles that appear to repeat every 15 to 20 years.
Longitude lines
Imaginary north-south reference lines that circle the earth.
Loose money
Means that lenders have adequate funds to loan and are actively seeking borrowers.
Loyalty to principal
A requirement that an agent place his principal's interests above his own.
Maggie Mae
A Real Estate industry nickname for the MGIC Investment Corporation.
MAI
Member of the American Institute of Real Estate Appraisers.
Maintenance fees
Fees paid by a condominium or PUD unit owner to the owner's association for upkeep of the common elements.
Majority
The minimum age required for legal competency (in most states 18 years).
Maker
The person who signs a promissory note.
Market approach
A method of valuing a property based on the prices of recent sales of similar properties. |
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