Terms Beginning with L

  1. Laches

    A principle of equity that may be used by the courts to...

  2. Land

    The surface of the earth stretching both downward to the...

  3. Lease

    A contract between a landlord (the lessor) and a tenant (the...

  4. Leasehold estate

    It is common practice to regard a tenant's right to occupy...

  5. Legacy

    A provision in a will for the distribution of money or...

  6. Legal description

    A description of a particular piece of real land that is...

  7. Legality of object

    A component that must be included in a contract in order for...

  8. Lessee

    The person or entity who rents a piece of property.

  9. Lessor

    A person who rents out their property to tenants.

  10. Leverage

    The majority of an investment is financed using money...

  11. Levy

    To evaluate, grab, or gather anything. When a tax is levied,...

  12. License

    The privilege or right that is provided by a state to a...

  13. Lien

    The legal right of some creditors to have their debt paid...

  14. Life estate

    A right or interest in real or personal property that is...

  15. Life tenant

    A person who owns a life estate for their whole lifetime.

  16. Liquidated damages

    Earnest money that is forfeited as a result of a breach of...

  17. Liquidity

    The capability of selling an asset and turning it into cash...

  18. Lis pendens

    A notification to the general public that a lawsuit has been...

  19. Listing agreement

    A listing agreement is a contract that is made between a...

  20. Listing broker

    The broker in a multiple-listing scenario who is responsible...

  21. Littoral rights

    The right of a landowner to utilize water from huge bodies...

  22. Lot and block description

    A description of real property that identifies a parcel of...