A very observable and obvious land formation that is used as a reference point for the boundaries of lands.


A hold, claim or charge levied against the lands of an owner who fails to make payments and therefore owes debts.

Lis Pendens

An official notice recorded by a county that shows there is a pending lawsuit against the reported lands.


A formal written contract that allows an agent to represent a party in the selling, leasing, or buying of a property.


The formal legal process of bringing an action to court to enforce a particular right. In real estate, litigation typically concerns income producing real estate properties as well as business centers.

Loan Application

The last step taken in submitting a home loan where the borrower is required to report basic financial information.

Loan Life

The timeline the lender sets for the buyer to pay the mortgage off.

Loan to Value

A proportion that calculates the amount of money borrowed with the appraised value of the home.

Lock-in period

An agreement that states that during a specified period of time, the borrower

Loss Payable Clause

A statement within the Fire and Casualty Policy that guarantees any loss will be paid to two or more parties as their interest may appear.


A parcel of land with fixed boundaries set by reference of a land survey.

Low Density

A small concentration of housing units in a specified area.


A coating that is applied between panes of glass that improves the energy efficiency of a home.