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GLOSSARY of American & Mexican
Real Estate Terms
L
Land - Terreno
A portion of the earth's solid surface
distinguishable by boundaries or ownership.
Land Contract
The seller accepts a down payment on a parcel of
land but title to the property does not pass until the last principal
payment has been received. This is referred to as an installment
sales contract or a contract for a deed.
Landlocked
Completely shut in by adjoining parcels of land
with no access to public roads.
Landlord/Lessor - Arrendador
The owner of property (as land, houses, or
apartments) that is leased or rented to another.
Latent Defect
A defect which cannot be discovered by ordinary
inspection.
Lease - Arrendamient
An agreement by which a landlord gives the right
to a tenant to use, and to have exclusive possession, but not
ownership of realty, for a specified period of time, in consideration
for the payment of rent.
Lease Purchase Agreement
An arrangement whereby part of the rent payment
is applied to the purchase price, and when the prearranged total
amount has been paid, title is transferred.
Leasehold
The interest that the tenant has created by a
lease.
Legal Description
A written description of a parcel of land which
locates it precisely and will hold up in court (does not include
address).
Lender - Prestanista
The person or institution that lets out (money)
for temporary use on condition of repayment with interest.
Lien Theory State
The mortgage merely creates a lien right on the
mortgagee with the mortgagor retaining the title.
Less than Freehold Estate
Estates in possession generally referred to as
leaseholds. Considered to exist for a definite period of time, or
successive periods, of time until terminated by notice; also know as
non-freehold estates.
Lessee
Tenant.
Lessor
Landlord.
Letter of Termination of Construction - Carta
de Terminacion de Obra
The document from the Tax Department stating
there is no further work or additions to be added to the property and
that construction has ceased.
Leverage
Using borrowed capital to finance the purchase
of Flagstaff real estate or other assets (No money down).
License
A personal privilege to go upon the land of
another; not considered an interest in land. Permission only to
use.
Lien - Gravamen
A legally recognized right to enforce a claim or
charge on the property of another for payment of some debt, duty or
obligation.
Limited Partnership
An entity with a general partner, and one or
more passive investors, called limited partners.
Liquidated Damages
An agreed-to sum, which will be paid if the
contract is breached.
Liquidity
The ease with which an asset may be converted
into cash.
Lis Pendens
A notice filed for he purpose of serving
constructive notice that title, or some matter involving particular
real property, is in litigation.
Listing Contract - Contracto de Prestacion de
Servicios Profesionales
An employment agreement between an owner and
broker defining the duties and rights of both parties (Unilateral
contract).
Loan - Emprestito, Prestamo
Money lent at interest.
Loan-to-Value Ratio
The relationship between the amount borrowed and
the appraised value of the property (Purchase price 100,000-Loan
80,000-LTV 20,000).
Lot and Block
A method of land description frequently used
after land has been subdivided into building lots; also referred to
as the recorded plat method (Must have a plat map to find the
property).
Loyalty
The duty owed by an agent, to avoid conflicts of
interest or any activity which is detrimental to a principal.
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