Legal Description:
located by reference to surveys or recorded maps. Sometimes referred to
simply as the legal.
Lien:
security for a debt owed. Such liability may be created by contract, such as
a deed of trust, or by a court judgement.
Lis Pendens
action.
Loan-to-Value Ratio:
property's appraised value or its sales price, whichever is lower.
Marketable Title:
purchaser to be released from his obligation to purchase.
Market Value:
willing but not compelled to buy, would pay, and the lowest a seller, willing
but not compelled to sell, would accept.
Mechanic's Lien:
due to persons who perform labor or services or furnish materials incident
to the construction of buildings and improvement on real estate.
Metes and Bounds:
described by courses, directions, distances and monuments.
Mortgage:
obligation.
Notarization:
document has been properly identified. Notarization does not certify the
content of a document, only validity of signature.
Perfecting Title:
against a title.
PITI:
components of a usual monthly mortgage payment.
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