| Land Contract |
| See "Contract for Deed." |
| Landmark |
| Any conspicuous object that helps establish land boundaries. |
| Lease |
| A grant of the use of lands for a term of years in consideration of the payment of a monthly or annual rental. |
| Lender's Policy |
| A form of title insurance policy which insures the validity, enforceability and priority of a lender's lien.
This form does not provide protection for the owner. |
| Lessee |
| One who takes lands upon a lease. |
| Lessor |
| One who grants lands under a lease. |
| Lien |
| A hold, claim, or charge allowed a creditor upon the lands of a debtor. Some examples are mortgage liens,
judgment liens, mechanics' liens. |
| Life Estate |
| A grant or reservation of the right of use, occupancy and ownership for the life of an individual. |
| Link |
| A term of land measurement being 1/100th of a chain or 66/100ths of a foot. |
| Lis Pendens |
| A notice recorded in the official records of a county to indicate that a suit is pending affecting the
lands where the notice is recorded. |
| Loan Policy |
| See " Lender's Policy ." |
| Loss Payable Clause |
| Provision added to a Fire and Casualty Policy which says any loss will be paid to two or more
parties as their interest may appear. Usually the owner and the mortgage lender. |
| Lot |
| A part of a subdivision or block having fixed boundaries ascertainable by
reference to a plat or survey. |
