The real estate industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. With this in mind, the experts at Commonwealth Land Title Insurance Company have compiled the following glossary of terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.

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A | B | C | D | E | F | G | H | I | J | L | M | N | P | Q | R | S | T | U | V | W | Z

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Leasehold –

The right to possession and use of land for a fixed period of time. The lease is the agreement that creates the right.

Lessee –

A tenant holding a leasehold.

Lessor –

A landlord; one who gives leasehold to a lessee.

License –

Permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.

Lien –

A monetary charge imposed on a property, usually arising from some debt or obligation.

Link –

In surveying, a length of 7.92 inches.

Loan Policy –

Also called “mortgagee policy.” A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust.

Lis Pendens –

A legal notice intending to bind third parties of litigation claiming an interest in real estate.

Lot –

Generally, any portion or parcel or real property. Usually refers to a portion of a subdivision.