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LEMON
Vehicle has persistent automotive deficiencies. The Lemon Brand refers to a vehicle that persistently suffers from major problems despite repeated attempts at repair.
LOCAL GOVERNMENT
Vehicle was used by local government.
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. The seller (vendor) holds legal title and the buyer (vendee) holds the equitable title until the sales price is paid in full.
LANDLORD
(1) A person from whom a tenant leases land or buildings. (2) One who runs a rooming house or inn.
LANDOWNER'S ROYALTY
Fractional interest in production of oil and gas created by the owner of the land, either by reservation when an oil and gas lease is entered into or by a direct grant to a third person.
LATENT
Existing, but lying hidden or concealed. (See, also "Patent." )
LATERAL SUPPORT
Support that soil of an adjoining owner gives to the neighbor's land.
LEASE
An agreement granting the use or occupancy of land during a specified period in exchange for rent.
LEASE (TitleGuard)
A situation where the vehicle is registered to the driver but owned by someone else (typically a leasing company).
LEASEHOLD
(1) Property held by lease. (2) The estate or interest in real estate created by a lease.
LEGACY
A gift of personal property by will.
LEGAL
(1) Relating to or concerned with the law. (2) The conformity with or permitted by law.
LEGAL DESCRIPTION
Description by which property can be definitely located on the ground by reference to government surveys or approved recorded maps; sometimes referred to simply as the legal.
LEGAL TITLE
Title which is enforceable in a court of law, or title which is perfect in its right of ownership and possession, but carries no beneficial interest in the property.
LEGATEE
Person to whom personal property is given by will.
LESSEE
A tenant holding a lease.
LESSOR
One who gives a lease to a lessee.
LETTERS OF ADMINISTRATION
Formal written evidence of court appointment of a personal representative of the estate of an intestate decedent.
LETTER-OF-CREDIT RIGHT
Right to payment or performance under a letter of credit.
LETTERS OF GUARDIANSHIP
Formal written evidence of court appointment of a guardian for the person, estate, or person and estate of a minor or of an incompetent.
LETTERS TESTAMENTARY
Formal written evidence of court appointment of a personal representative of the estate of a testate decedent.
LEVY
A seizure of property by judicial process.
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.
LIEN (TitleGuard)
A lien is an ownership right to a piece of property. When a financial institution loans money to someone purchasing a vehicle, the financial institution places a lien on the vehicle.
LIEN CREDITOR
Creditor who has acquired a lien on the debtor's property by attachment, levy or the like, an assignee for the benefit of creditors, or a trustee in bankruptcy.
LIFE ESTATE
An estate of ownership in real estate which exists only during the term of a certain person's life.
LIFE TENANCY
An estate in real property in which the tenant has a freehold interest for his life or for the life of another (pur autre vie). Black's Law Dictionary - 5th Ed.
LIFE TENANT
One who holds an estate in lands for the period of his own life or that of another certain person. Black's Law Dictionary - 5th Ed.
LIMITED WARRANTY DEED
A written warranty which fails to meet one or more of the minimum standards for a full warranty. 15 U.S.C.A. Section 2303.
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, particularly as relates to real estate.
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.
LIVERY
Vehicle that is "for hire" to transport people.
LOAN POLICY
A policy of title insurance intended to protect the party providing a loan.
LOCK BOX DEED
Deed placed in a safe deposit box which is not opened until after death. It raises the legal issue of delivery.
LOCAL GOVERNMENT
Vehicle was used by local government.
LOSS
(1) In the title industry, 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.
LOT SPLIT
Sale of part of a pre-existing parcel of land. Lot splitting is generally regulated by local zoning ordinances.