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L
laches:
an equitable doctrine used by courts to bar a legal claim or prevent the
assertion of a right because of undue delay or failure to assert the claim or
right.
land contract:
See deed
last will and testament:
See will.
latent defect:
a hidden structural defect presumably resulting from faulty construction, known
to the seller but not to the purchaser.
law of agency:
See agent.
league:
in Texas, a tract of land that was granted to a settler by the Mexican
government, a league consists of 6.919 square miles.
lease:
a written or oral contract between a landlord and a tenant that transfers the
right to exclusive possession and sue of the landlord’s real property to the
lessee for a specified period of time and for a stated consideration.
leasehold estate: a tenant’s right to occupy real estate during the term of a lease.
legacy:
a disposition of money or personal property by will.
legal description: a description of a specific parcel of real estate complete enough for
an independent surveyor to locate and identify it.
leverage:
the use of borrowed money to finance the bulk of an investment and to magnify
the rate of return.
levy:
to assess, to levy a tax is to asses a property and set the rate of taxation.
liability coverage: insurance that protects against risks that could render property owner
responsible for certain damages to the property or persons of others.
license:
a privilege or right granted to a person by a state to operate as a real estate
broker or salesperson.
lien:
a right given by law to certain creditors to have debts paid out of the property
by a defaulting debtor, usually by means of a court sake.
lien theory:
some states interpretation of a mortgage as being purely a lien on real
property.
life tenant:
a person in possession of a life estate.
like-kind property: See exchange.
limited liability company:
a business organization in which a member or manager is not generally held
liable for debts, obligations, or liabilities of the company
limited partnership: see partnership.
linear measure:
a measurement made on a line.
liquidated damages: an amount of predetermined by the parties to an agreement as the total
amount of compensation an injured party should receive If the other party
breaches a contract.
liquidity:
the ability to sell an asset and convert it into cash at a price close to its
true value in a short period of time.
lis pendens:
a recorded legal document giving constructive notice that an action affecting a
particular property has been filed in either a state or a federal court.
listing agreement: a contract between a landowner and a licensed real estate broker by
which the broker is employed to sell real estate on the wonder’s terms within
the given time, for which service the landowner agrees to pay commission.
littoral rights:
1. a landowners claim to use water in large navigable lakes and oceans that are
adjacent to his or her property. 2. the ownership rights to land bordering these
bodies of water up to the mean vegetation line.
loan discount:
See discount points.
locational obsolescence:
See external obsolescence.
loss:
the difference between the purchase price and the selling price of a property if
the purchase price exceeds the selling price.
lot – and –block
description: a description of real
property that identifies a parcel of land by reference to lot and block numbers
within a subdivision.
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