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Land Contract A land contract is a promise to pay; that is, if you buy a property under a land contract, you promise to pay a certain amount on or before a specific date. Once the terms are fulfilled the seller will deed the property over to the buyer.

Land Trust A means of taking control of a property anonymously. The only name that will appear on public records is the name of the trust and usually the name of the trustee. This provides some asset protection because the records are hard to find.

Landlord One who rents a property to another party, generally referred to as a tenant.

Lease A lease is a contract between a landlord (lessor) and a tenant (lessee) stating that the tenant can use the landlord's property for a certain amount of time and for a certain amount of money (rent). The contract is a legal document that lists the responsibilities of each party and their obligations to one another. A lease can be verbal or written, as well as either express or implied. "Express" refers to a precise instruction that has been given in the lease, such as "No Pets", "Implied" refers to assumptions given the continuous use of the property that are not clearly written or stated.

Lease option A lease contract that allows the optionee the right to purchase the property during the period of the lease. Payments under the lease may be credited (in whole or in part) against the purchase price.

Leasehold The interest given to a lessee of real estate by a lease.

Legal Liability This simply refers to responsibility or accountability. If you are held ally liable for something that means that you are legally responsible for it. There is both personal liability, which means that an individual person is held accountable and their personal possessions could be confiscated in order to pay back a loan, for instance; and then there is corporate liability, which means that a corporation is held responsible and only the corporations possessions could be confiscated if need be.

Lessee A person to whom property is rented to under a lease.

Lessor One who rents property to another under a lease.

Lien A legal right or claim against a property until a debt is paid. The lien is usually in the form of an agreement between two parties between the one who owes the money (lienor) and the one to whom the money is owed (lienee). The lien could also be a statutory provision given out by the government; this would occur in the case of a tax lien, where the lienor owes the government taxes.

Life Estate The conveyance of title to a property for the duration of the life of the grantee.

LisPendens A legal document filed in the office of the country clerk giving notice that an action or proceeding is pending in court affecting the title of a certain property.