Page 49 - Homeowners Manual - Nevada
P. 49

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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