Category: Glossary

Loss Mitigation Department | A department which helps homeowners avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan

Lis pendens | A term meaning “legal action pending” that gives notice of an action or proceeding affecting the title of the property.

Life Estate | An estate whose duration is limited to the life of the party holding it.

Lien | A claim or charge on a property for payment of some debt, obligation or duty.

Lender | He from whom a thing or money is borrowed.

Lease Option | A lease that contains the right to purchase a property for a specific price during a given time frame.

Lease | An agreement involving payment of rent for possession of real estate for a specific period of time.

Landlord | He who, being the owner of an estate of land, or rental property, has leased it to another person.

Land Contract | An agreement used to sell real property that transfers ownership of the property, but the title does not transfer until most or all of the purchase price is paid.

Junior lien | A lien that is subordinate or junior to a senior lien.