LACHES

Material delay or negligence in the timely assertion of one's rights.  Laches is a legal principle under which one is barred from asserting or claiming a right.

LAND

The solid ground of the earth as distinguished from the sea.

LAND CONTRACT

A contract between buyer and seller for the purchase and sale of land, the purchase price usually being payable in installments over a considerable period.

LANDLORD

(1) A person from whom a tenant leases land or buildings.  (2) One who runs a rooming house or inn.

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.

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.