Glossary
L
Land Contract - A
real estate installment sale arrangement whereby the buyer may use, occupy,
and enjoy land, but no deed Is given by the Seller (so no title passes)
until all or a specified part of the sale price has been paid.
Late Charge - An
additional fee charged to a person for a payment that is delinquent. The
most common methods of charging late fees are to charge a fixed dollar
amount or a percentage of the payment.
Lease - A contract
in which, for a payment called rent, the one entitled to the possession of
real property transfers those rights to another for a specified period.
Legal Description -
A property description recognized by law which is sufficient to locate and
identify the property. A typical legal description will identify the county,
township, and section of the township where the land is located.
Legatee - One who
receives property by a will.
Lessee - One who
receives property by a lease.
Lessor - One who
leases property to a lessee.
Liability - A debt
or financial obligation.
Liable -
Responsible or obligated. For example, one who borrows on a mortgage
generally becomes personally liable for its repayment.
Lien - A charge
against property making it security for the payment of a debt, judgment,
mortgage, or taxes. A lien is a type of encumbrance. A specified lien is
against certain property only. A general lien is against all of the property
owned by the debtor.
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