The title industry has its own language. Many of its words and idioms are derived from the language of the law while others are common words given special meaning related to land titles. There are also words and phrases coined over the years by the title industry itself.
Glossary
L
LACHES
Material delay or negligence in the timely assertion of one’s rights. Laches is a legal principle under which one is barred from asserting or claiming a right.
LAND
The solid ground of the earth as distinguished from the sea.
LAND CONTRACT
A contract between buyer and seller for the purchase and sale of land, the purchase price usually being payable in installments over a considerable period.
LANDLORD
(1) A person from whom a tenant leases land or buildings. (2) One who runs a rooming house or inn.
LATENT
Existing, but lying hidden or concealed.
LEASE
An agreement granting the use or occupancy of land during a specified period in exchange for rent.
LEASEHOLD
(1) Property held by lease. (2) The estate or interest in real estate created by a lease.
LEGAL
(1) Relating to or concerned with the law. (2) The conformity with or permitted by law.
LESSEE
A tenant holding a lease.
LESSOR
One who gives a lease to a lessee.
LIABILITY
A legal obligation or responsibility for the payment of a loss or damages or a debt.
LICENSE
In title industry parlance, permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.
LIEN
The liability of real estate as security for payment of a debt. Such liability may be created by contract, such as a mortgage, or by operation of law, such as a mechanics lien.
LIFE ESTATE
An estate of ownership in real estate which exists only during the term of a certain person’s life.
