L-Definitions 2016-10-14T16:26:32+00:00

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LAND SALE CONTRACT
An agreement to sell and purchase wherein legal title is withheld from the purchaser until such time as the required payments to the seller have been completed.

LEASE OPTION (LEASE WITH OPTION TO PURCHASE)
A lease containing an option giving the lessee the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period.

LENDER
One who lends money to borrowers.

LESSEE
The tenant under a lease

LESSOR
The landlord under a lease.

LEGAL DESCRIPTION
Description of real property, as used in legal documents in a contrast to a street address by which the property is commonly known. Legal descriptions usually refer to recorded maps, surveys, or other public documents.

LIEN
A security interest in real or personal property which places the holder in a position prior to the rights of the general creditors of the owner. Examples include Trust Deeds, mortgages, special assessments, recorded judgments, mechanic’s liens, taxes, etc.

LIS PENDENS
A notice recorded in the official records of a county to indicate that a lawsuit is pending affecting the lands described in the notice.