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
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.
LINEAL
(1) Being in the direct line of descent and inheritance from an ancestor. (2) A direct line as related to a measurement.
LIS PENDENS
A pending lawsuit. A lis pendens notice is legal notice to the world that a lawsuit is pending.
LISTING
(1) Placing real estate with a broker for sale or lease. (2) A conditional agreement to pay a commission to the broker if and when he finds a qualified buyer or tenant.
LITIGATION
Legal proceedings, a lawsuit in which a dispute is submitted to a court for determination.
