JUNIOR MORTGAGEA mortgage lower in lien priority than a first mortgage.JURISDICTION(1) the right and power of courts to interpret and apply the law. (2) The legal power of control over persons and property. (3) A geographical area in which a court has power and authority to act.JURISPRUDENCEA system of laws. The science or philosophy of the law.KAPUTDestroyed, incapacitated, useless, terminated. LACHESMaterial delay or negligence in the timely assertion of one's rights. Laches is a legal principle under which one is barred from asserting or claiming a right.LANDThe solid ground of the earth as distinguished from the sea.LAND CONTRACTA contract between buyer and seller for the purchase and sale of land, the purchase price usually being payable in installments over a considerable period.LANDLORD(1) A person from whom a tenant leases land or buildings. (2) One who runs a rooming house or inn.LATENTExisting, but lying hidden or concealed.LEASEAn agreement granting the use or occupancy of land during a specified period in exchange for rent.LEASEHOLD(1) Property held by lease. (2) The estate or interest in real estate created by a lease.LEGAL(1) Relating to or concerned with the law. (2) The conformity with or permitted by law.LESSEEA tenant holding a lease.LESSOROne who gives a lease to a lessee.LIABILITYA legal obligation or responsibility for the payment of a loss or damages or a debt.LICENSEIn title industry parlance, permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.LIENThe liability of real estate as security for payment of a debt. Such liability may be created by contract, such as a mortgage, or by operation of law, such as a mechanics lien.LIFE ESTATEAn estate of ownership in real estate which exists only during the term of a certain person's life.LINEAL(1) Being in the direct line of descent and inheritance from an ancestor. (2) A direct line as related to a measurement.LIS PENDENSA pending lawsuit. A lis pendens notice is legal notice to the world that a lawsuit is pending.LISTING(1) Placing real estate with a broker for sale or lease. (2) A conditional agreement to pay a commission to the broker if and when he finds a qualified buyer or tenant.LITIGATIONLegal proceedings, a lawsuit in which a dispute is submitted to a court for determination.LOSS(1) In title industry parlance, damage suffered by a person resulting from defects in or liens upon his title to real estate. (2) Money paid by a title insurance company in settlement of policy claims.MARKETABLE TITLEA title which a court of equity considers to be so free of material defects and liens that it will force the title's acceptance by questioning purchaser. Also known as a merchantable title.MARKET VALUEAn average between the highest price which a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing, but not compelled to sell, would accept.MECHANIC'S LIENA lien on real estate, created by operation of law, which secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.MEETING OF MINDSThe state that exists when all parties to a contract agree to the exact terms thereof.METES AND BOUNDSA land description in which boundaries are described by courses, directions, distances, and monuments.MORTGAGE(From the Latin Terms "mors" and "mort" meaning death or dead.) A temporary conditional pledge of property to a creditor as security for the payment of a debt which may be killed or cancelled by payment.MORTGAGE BOOKA book in the public records in which mortgages are recorded.MORTGAGEEThe holder of a mortgage. The party to whom a mortgage is made.MORTGAGEE POLICY(Sometimes called a mortgage policy.) A policy of title insurance insuring the holder of a mortgage against loss occasioned by the impairment or invalidity of the lien of such mortgage or because of defects in, superior liens upon, or unmarketability of the title.MORTGAGORA person who mortgages property. A person who executes a mortgage.MULTIPLE LISTINGThe pooling, in a central bureau, of listings of properties for sale, which listings are held individually by members of a group of real estate brokers, with the agreement that any member of the group may sell the properties and in case of a sale, the commission will be divided among the broker making the sale, the broker who filed the listing, and the bureau. NEGLIGENCEThe omission of or failure to use reasonable precaution, care, or action.NEGOTIABLECapable of being legally transferred by endorsement from one person to another, such endorsement carrying with it, without written provisions, implications of certain contractual obligations.NET LISTINGThe listing, with a broker, of real estate for sale for a specified price, net to the seller, exclusive of commission and closing costs.NOTESee Promissory Note. OFFICIAL RECORD BOOKOne of a set of books in the public records in which is recorded all papers filed for record. Such books supplant deed books and mortgage books.OPINIONIn title industry parlance, referred to as title opinion. The conclusion and judgement of a skilled person as to the status of a title, based upon a title examination.OWNER'S POLICYA policy of title insurance usually insuring an owner of real estate against loss occasioned by defects in, liens against, or unmarketability of the owner's title. PAROLOrally, by word of mouth. For example, if a landowner gives another verbal permission to gather firewood from such land, or permission to hunt game thereon, such verbal permission would be called a parol license. Also, a witness who testifies by word of mouth in court is said to give parol testimony as contrasted to written evidence which may be introduced in the case, such as original deeds, wills, correspondence, or other documents.PAROL GIFTA gift made orally, by word of mouth as contrasted to one made in writing.PARTITIONIn title industry parlance, a lawsuit between joint owners of real estate in which the court either divides the property between them or orders the property sold and divides the proceeds between them.PARTY WALLA wall built along the boundary line of adjoining properties and shared by the respective property owners or tenants.PERCENTAGE LEASEA lease of property in which the rental is based upon the volume of sales made by the lessee on the leased property.PERIMETER(1) The boundary lines enclosing a tract of land. (2) The length of the boundary lines enclosing a tract of land.PERSONAL PROPERTYTemporary or movable property as distinguished from real estate.PERSONALTYPersonal property.PLAT BOOKOne in a set of books in the public records in which maps, plats, and copies of surveys are recorded.POLICE POWERThe inherent authority of a government to impose restrictions upon private property or private rights for the sake of public welfare, order, and security.POLICYSee Owner's Policy and Mortgagee Policy.POWER OF ATTORNEYA legal instrument authorizing one to act as another's agent or attorney.PRELIMINARY CERTIFICATESee Binder.PREMIUM
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