Page 43 - Homeowners Manual - Marin County

Insurance: A contract of indemnity against specified perils� Life Estate: A grant or reservation of the right of use,
occupancy and ownership for the life of an individual�
Interim Financing: Temporary or short-term loans� Often
used with new construction� Usually replaced with Lis Pendens: A notice recorded in the official records of a
permanent long-term financing� county to indicate that a suit is pending affecting title to
the land in the jurisdiction where the notice is recorded�
Intestate: Designates the estate or condition of failing to
leave a will at death� “To die intestate�” Loan Estimate: A three-page Loan Estimate (also called
LE) must be provided to the consumer no later than three
J business days after they submit a loan application for
most mortgages� The Loan Estimate provides information
Joint Tenancy: An estate where two or more persons hold about key features, costs and risks of the mortgage loan
real estate jointly for life, the survivors to take the entire for which the consumer is applying�
interest on the death of one of the joint tenants�
Loan Policy: See “Lender’s Policy�”
Judgment: A decree of a court� In practice, this is the lien
or charge upon the land of a debtor resulting from the Loss Payable Clause: A clause in a contract of insurance
court’s award of money to a creditor� which says any loss will be paid to two or more parties
Also see “Judgment Lien�” as their interest may appear� Usually the owner and the
mortgage lender�
Judgment Docket: The record book of a County Clerk,
where a judgment is entered in order that it may become Lot: A part of a subdivision or block having fixed boundaries
a lien upon the property of the debtor� ascertainable by reference to a plat or survey�
Judgment Lien: The charge upon the land of a debtor M
resulting from the decree of a court properly entered into
the judgment docket� Marketable Title: A good title about which there is not fair or
reasonable doubt�
L
Mechanic’s Lien: A lien allowed by statute to contractors,
Land Contract: See “Contract for Deed�” laborers and material suppliers on buildings or other
structures upon which work has been performed or
Lease: A grant of the use of land for a term of years in materials supplied�
consideration of the payment of a monthly or annual rental�
Metes and Bounds: A description of land by courses
Lender’s Policy: A form of title insurance policy which and distances�
insures the validity, enforceability and priority of a lender’s
lien� This policy does not provide protection for the owner� Mortgage: An instrument used to encumber land as security
for a debt�
Lessee: One who takes land under a lease�
Mortgage Banker: A specialized lending institution that
Lessor: One who grants land under a lease� lends money solely with respect to real estate and
secures its loans with mortgages on the real estate�
Lien: A hold, claim or charge allowed a creditor upon the
land of a debtor� Some examples are mortgage liens,
judgment liens and mechanics’ liens�

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