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Title Insurance Terms & Phrases

Terms and Phrases is Chicago Title's Glossary of definitions, meanings, and descriptions of significance for some of our industry's most often used terms and phrases.

L.S.
Abbreviation for "locus sigilli" meaning the place for a seal.
Laches
Inexcusable delay in asserting a right.
Land Contract
An agreement entered into for the sale and purchase of land.
Landowner’s Royalty
An interest in unsevered oil and gas granted to a third person or reserved by a landowner on occasion of his/her alienation of an interest in real property.
Lands, Tenements, Hereditaments
Inheritable lands or interests in them.
Latent
Concealed.
Lateral Support
The support the soil gives to the land of an adjacent owner.
Lease
A writing constituting a conveyance of real property form a term of years and a contract for its possession during that term.
Leasehold
The estate for years created by a lease.
Legacy
A gift of personal property by will.
Legal Description
A description of real property sufficient to locate it on the ground by reference to government surveys or approved recorded maps.
Legatee
A person to whom personal property is given by will.
Lessee
The person acquiring an estate for years in a lease.
Lessor
The person transferring an estate for years in a lease.
Letters of Administration
Formal written evidence of court appointment of a personal representative of the estate of an intestate decedent.
Letters of Conservatorship
Formal written evidence of court appointment of a conservator of the person, or of the estate, or of the person and estate of a conservatee.
Letters of Guardianship
Formal written evidence of court appointment of a guardian for the person, estate, or person and estate of a minor or of an incompetent.
Letters of Testamentary
Formal written evidence of court appointment of a personal representative of the estate of a testate decedent.
Levy
Seizure of property by judicial process.
Lien
A charge upon property for the purpose of securing the payment or discharge of a debt or obligation.
Life Beneficiary
A person entitled to receive a benefit for life.
Life Estate
An estate measured in duration by the lifetime of a natural person.
Limitations, Statutes of
Statutes limiting the time within which parties having a cause of action must institute proceedings to enforce the same.
Lineal
In a direct line.
Lis Pendens
A recorded notice of the pendency of an action.
Lite Pendente
While the action is pending.
Littoral
Pertaining to the shore.
Living Trust
A trust becoming operative in the lifetime of the person creating it.
Loan Policy
A policy of title insurance insuring the interest of a lender.
Lock-In-Clause
A loan provision specifying a period during which no repayment is permitted.
Loss Payable Clause
An endorsement to an insurance (fire) policy specifying parties (lenders) entitled to participate in proceeds in the event of loss.
Lot Split
Ordinarily, sale of a portion of a parcel of land.
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