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
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.
LOSS
(1) In title industry parlance, damage suffered by a person resulting from defects in or liens upon his title to real estate. (2) Money paid by a title insurance company in settlement of policy claims.
