Glossary

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

laches

Delay or negligence in asserting one's rights.

leasehold estate

A form of real estate in which a tenant is allowed to construct permanent structures upon a parcel of leased land, and derives some use or income from said structures during the period of the lease.

legal description

A description of a specific parcel of real estate which is acceptable to the courts in that state, and which will allows an independent surveyor to locate and identify it.

lien

An encumbrance or legal burden upon a tract of property.

life estate

An interest in property only for the duration of someone's life.

life tenant

One who has a life estate in real property.

lis pendens

A notice indicating that legal action is pending involving a property.

loan-to-value ratio (LTV)

The ratio of the amount being loaned in respect to the appraised value of the property, usually expressed as a percentage. If a buyer was putting down $20,000, and borrowing the remaining $80,000, on a $100,000 property, then the loan would have an 80% LTV.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.