Lease - An agreement by which an owner of real property gives the right of possession to another for a specific period of time and for a specified consideration (rent). Title does not pass.
Legal Description - A method of geographically identifying a parcel of land, which is acceptable in a court of law. A description of a parcel of land is sufficient to identify the property such as a lot and tract number.
Lien - An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens.
Lis Pendens - A legal notice recorded to show pending litigation relating to real property and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.
Listing - A written employment agreement between a property owner and a broker authorizing the broker to sell, lease, or exchange the realty.
Loan Commitment - A written promise to make a loan for a specified amount on specified terms.
Loan-to-Value Ratio - The relationship between the amount of the mortgage and the appraised value of the property, expressed as a percentage of the appraised value.
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