Land Contract
An installment contract for the sale of land whereby the seller (vendor) holds legal title and the buyer (vendee) has equitable title until the sales price is paid in full.

Later Date Search
Search of the county records to update the search from the date of the initial search. It may include a search through the recording date of the deed or other documents for the transaction.

Lease
The transfer of possession and right to use property for a stipulated period with rent paid to owner.

Legal Description
A description, either by metes and bounds, lot and block, unit and/or volume and page, that exactly details the perimeter of certain property. Legal descriptions are relied upon more heavily than street addresses as they are more exact and unchanging.

Lender
Any person or entity advancing funds which are to be repaid. A general term encompassing all mortgagees, and beneficiaries under deeds of trust.

Lien
A claim on the property of another person as security for the payment of a debt.