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Ma Real Estate J&L-1

Terms & Definitions J & L-1

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).
Created by: sunaecm4
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