Page 51 - Homeowners Manual - Napa County

Ingress: The right to enter a tract of land. Lien: A hold, claim or charge allowed a creditor upon the
land of a debtor. Some examples are mortgage liens,
Insurance: A contract of indemnity against specified perils. judgment liens and mechanics’ liens.

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

Lender’s Policy: A form of title insurance policy which Metes and Bounds: A description of land by courses and
insures the validity, enforceability and priority of a lender’s distances.
lien. This policy does not provide protection for the owner.
Mortgage: An instrument used to encumber land as security
Lessee: One who takes land under a lease. for a debt.
Lessor: One who grants land under a lease. Mortgage Banker: A specialized lending institution that
lends money solely with respect to real estate and
secures its loans with mortgages on the real estate.

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