LACHES. Unreasonable delay or negligence in asserting one’s legal rights which serves to bar those rights.
LAND. The solid part of the earth’s surface including all things of a permanent nature affixed thereto.
LAND CONTRACT. A contract ordinarily used in connection with the sale of property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer often used when property is sold on a small down payment.
LATERAL SUPPORT. The right of the ow-ner to prevent his neighbors from undermining his land’s lateral support by digging too closely or too deeply on land next to his.
LEASE. A contract between an owner and a tenant setting forth conditions upon which the tenant may occupy and use the property, the term of the occupancy and the consideration agreed upon.
LEASEHOLD. An interest in real property held under a lease for a definite lease period.
LEGAL DESCRIPTION. The land description recognized by law; The description by which property can be definitely located by reference to government surveys or approved recorded maps.
LIEN. The claim one person has on the property of another as security for the payment of a debt or discharge of an obligation, such as taxes, deeds of trust, etc.
LIFE ESTATE. An estate held for the length of one’s life.
LITTORAL. Belonging to the shores of large bodies of water (corresponds to riparian rights)
