Land Contract

An agreement for the purchase or sale of real property. (See agreement of sale, conditional sales contract.)

Lease

A contract between the owner of real property, called the lessor, and another person, called the lessee, covering conditions under which the lessee may occupy and use the property.

Legal Description

A written description by which property can be located definitely by reference to government surveys or approved recorded maps.

Leverage

The use of a small amount of cash to control a large amount of property values.

Lien

A charge or encumbrance upon property for the payment or discharge of a debt.

Life Estate

An interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.

Liquidate

Disposal of property or settlement of debts.

Liquidity

The ability of property to be exchanged for cash.

Lis Pendens

A notice recorded for the purpose of warning all persons that the title or right of possession of certain real property is in litigation. Gives constructive notice of such litigation.

Listing

An employment contract between owner and broker authorizing broker to perform services involving the principal's property.