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Ma Real Estate J&L-1
Terms & Definitions J & L-1
Term | Definition |
---|---|
Joint Tenancy | A type of concurrent estate (2 or more persons) with co-owners having equal rights. Upon the death of one party interest passes to the surviving party (Right of Survivorship). |
Judicial Deed | Deed issued by a court appointed official. |
Junior Mortgage | Any mortgage that takes second priority to another lien on the property. |
Laches | Doctrine that action was not taken in a reasonable period of time. Similar to statute of limitations where time is specified. |
Land Court Certificate | Document issued by the land court as a result of a court decision under the Torrens System. |
Lead Paint Notification Form | Mass lead paint law M. G. L chapter 111 requires the real estate broker, or salesperson needs to notify prospective purchaser, of residential real estate of the dangers of lead paint, and to obtain their signature on a form documenting this action. |
Lease | An agreement (written or verbal) between an owner (Lessor), and the tenant (Lessee) to grant the exclusive right of occupancy to real property, for a specific period of time. |
Lease Option | A clause in lease, that gives the tenant the right to buy the property under certain conditions. |
Lease Purchase | A transfer of ownership, that begins as a lease and ends with the purchase of the property by the lessee. |
Leased Fee Estate | The estate or rights the lessor has leased to the lessee. |
Legal Description | Description of property sufficient to identify what is being conveyed. Three types are: 1) Metes & Bounds, 2) Lot & Block, 3) Government Survey. |
Legality | Quality of being within the law. A contract with an illegal element is void. |
Legal Title | Interest obtained by the grantee, when the deed is signed and delivered (compared to equitable title). |