Land Contract

See "Contract for Deed."


Any conspicuous object that helps establish land boundaries.


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.


One who takes lands upon a lease.


One who grants lands under a lease.


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.


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.


A part of a subdivision or block having fixed boundaries ascertainable by reference to a plat or survey.

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