Page 53 - Homeowners Manual - Santa Clara 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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