Real Estate Terms Glossary: L

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Land
The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.

Land Contract
Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title) as security for payment of the balance of the purchase price.

Landlocked
Parcel of land that is completely surrounded by the land of another in such a way that no ingress or egress can occur without committing a trespass. Generally requires an easement to permit access to roads.

Landmark
A fixed marker. A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

Legal Description
A description which is complete enough that an independent surveyor could locate and identify a specific piece of real estate property.

Lis Pendens
Latin meaning " a lawsuit pending".A recorded notice filed to warn potential purchasers that title to certain property is in litigation and the final judgment may adversely affect their title if they purchase.

Listing
Formally putting a piece of real estate property on the market such the MLS, a newspaper, radio, or computer ad.

Listing Agreement
A contract between a property seller and a broker wherein the broker is employed as an agent to locate a ready, willing, and able buyer on terms established by the seller. Upon performance, the seller owes the broker a commission.

Littoral Rights
Rights associated with the owners of property who abutt a large body of standing water such as a lake, sea, or ocean as opposed to a river or stream. Such rights are limited to use and enjoyment without altering or depriving another of this rights. Contrast with Riparian Rights.

Location (Situs)
An economic characteristic of land having the greatest effect on value in comparison to any other characteristic.

Locus Sigilli
Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

Lot
A measured parcel of land that has fixed boundaries.

Lot And Block
A method of property description used when property has been subdivided and the plats have been recorded. Individual parcels of property are described by lot and block numbers within the particular subdivision.

Low-Ball
To make a very low initial offer to purchase.

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