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Joint Tenancy
--Where two or more persons hold real estate jointly for life, the survivors to take the interest of the one who dies. Judgment--A decree of a court. "In practice this is the lien or charge
upon the lands of a debtor resulting from the Court's award of money to a creditor." (See Judgment Lien) Judgment Docket--The record book of a County Clerk where a judgment is entered in order
that it may become a lien upon the property of the debtor. Judgment Lien--The charge upon the lands of a debtor resulting from the decree of a court properly entered in the judgment docket. |
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Land Contract
--See Contract for Deed above. Landmark--Any conspicuous object that helps establish land boundaries. Lease--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--See Mortgagee's Policy below. Lessee--One who takes lands upon a lease. Lessor
--One who grants lands under a lease. Lien--A hold, a claim or a charge allowed a creditor upon the lands of a debtor. "Some examples are mortgage liens, judgment liens, mechanic's liens." Life Estate--A grant or reservation of the right of use, occupancy and ownership for the life of an individual. Link
--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. 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. Lot--A measured parcel of land having fixed boundaries. |
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Majority
--The age at which a person is entitled to handle his own affairs. Marketable Title--A good title about which there is no fair or reasonable doubt. Mechanic's Lien--A lien allowed
by statute to contractors, laborers and material-men on buildings, or other structures upon which work has been performed or materials supplied. Metes and
Bounds--A description of land by courses and distances. Minor--One who because of insufficient age or status is legally incapable of making contracts. Monument of Survey
--Visible marks or indications left on natural or other objects indicating the lines and boundaries of a survey. May be posts, pillars, stones, cairns, and other such objects, but may also be fixed natural objects, blazed trees, roads and even a water course.
Mortgage--An instrument used to encumber land as security for a debt. Mortgage Revenue Bonds--Issued by communities as a means of providing lower cost mortgage funds to
certain qualified borrowers. Mortgagee--A designation for the mortgage lender on lands. Mortgagee's Policy--A form of title insurance policy which insures the validity,
enforceability and priority. This form does not provide protection for the owner. Mortgagor--A designation for the mortgage borrower on lands. |
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