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J
Joint Tenancy - An estate where two or more persons hold real estate jointly for life, the survivors to take the interest of the property upon the death of the co-joint tenant.
Judgment - A decree of a court. In practice this is the lien or charge upon the lands of a debtor resulting from the Court 's award of money to a creditor. See "Judgment Lien."
Judgment Docket - The record book of a County Recorder where a judgment is entered in order that it may become a lien upon the property of the debtor.
Judgment Lien - The charge upon the lands of a debtor resulting from the decree of a court properly entered into the judgment docket.
K
There are no K terms.
L
Land Contract - See "Contract for Deed ."
Landmark - Any conspicuous object that helps establish land boundaries.
Lease - A grant of the use of lands for a term of years in consideration of the payment of a monthly or annual rental.
Lender's Policy - A form of title insurance policy which insures the validity, enforceability and priority of a lender's lien. This form does not provide protection for the owner.
Lessee - One who takes lands upon a lease. (The tenant.)
Lessor - One who grants lands under a lease. (The landlord.)
Lien - A hold, claim, or charge allowed a creditor upon the lands of a debtor. Some examples are mortgage liens, judgment liens, mechanics' liens.
Life Estate - A grant or reservation of the right of use, occupancy and ownership for the life of an individual.
Link - A term of land measurement being 1/100th of a chain or 66/100ths of a foot.
Lis Pendens - A notice recorded in the official records of a county to indicate that a suit is pending affecting the lands where the notice is recorded.
Loan Policy - See "Lender's Policy ."
Loss Payable Clause - Provision added to a Fire and Casualty Policy which says any loss will be paid to two or more parties as their interest may appear. Usually the owner and the mortgage lender.
Lot - A part of a subdivision or block having fixed boundaries ascertainable by reference to a plat or survey.
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