Glossary of Real Estate Terms
The language of real estate is like that of other industries. Some words and phrases may seem foreign, others are ones that you hear every day. Following is a glossary that hopefully will allow you to better understand the real estate transactions with which you are involved.
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- Leasehold
The right to possession and use of land for a fixed period of time. The lease is the agreement that creates the right.
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- Lessee
A tenant holding a leasehold.
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- Lessor
A landlord; one who gives a leasehold to a lessee.
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- License
Permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.
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- Lien
A monetary charge imposed on a property, usually arising from some debt or obligation.
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- Lien Waiver
Also called “waiver of liens.” A waiver of mechanics’ lien rights, signed by contractors or subcontractors.
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- Loan Policy
Also called “mortgagee policy.” A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust.
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- Lis Pendens
A legal notice intending to bind third parties of litigation claiming an interest in real estate.
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- Lot
Generally, any portion or parcel of real property. Usually refers to a portion of a subdivision.