Laches - Delay or negligence in asserting one’s legal rights.

Land Contract - See Agreement of Sale.

Land Court - A court designated to preside over the registration of land under the Torrens system; the court which is used to verify title.

Land Patent - An instrument conveying government owned lands to individuals.

Land Trust - A device to hold title to land in a trust with the beneficial ownership held by the landowner.

Land Use Ordinance -. County code which sets forth zoning regulations for the county.

Landlord Tenant Code (LTC) - A Hawaii state law outlining the rights, obligations and remedies of a residential landlord and a tenant.

Landmark - A monument or object used to establish the boundary line of a property.

Latent Defect - A hidden structural defect in real estate, known to the seller but not the buyer and not discoverable by mere observation.

Lateral Support - The support which the soil of an adjoining owner gives to his neighbor’s land.

Lease - A contract whereby the lawful owner of the property transfers his rights of use and possession to another for a specified term. .

Leased Fee - The landlord-owners interest in the demised premises: valued as the rent plus the reversionary interest.

Lease hold - An estate or right in real property held under a lease by the lessee.

Legacy - A gift of personal property, usually money in a will.

Legal Description - A description, recognized by law, that will definitely locate and identify the property.

Lessee - One who rents property under a lease contract.

Lessor - An owner who enters into a lease with a tenant.

Less Than Freehold - A lease; a leasehold estate.

Leverage - The use of borrowed funds in financing, with the anticipation that the property acquired will increase in return so that the investor will realize a profit, not only on his own investment, but on the borrowed funds as well.

Liher - Books which contain public records such as copies of deeds.

License - A personal privilege to perform some act on the land of another.

Lien - A right, given by law, whereby a creditor may satisfy a debt out of the proceeds of the sale of real or personal property belonging to the debtor; an encumbrance, usually naming property as security for payment of a debt or for the discharge of an obligation.

Lien Letter - A limited title search issued to cover Land Court property in Hawaii.

Life Estate - An estate or Interest in real property held for the duration of the life of a certain person. Upon the expiration of that life, the estate will automatically be vested in a remainderman or reversioner.

LimitedCommon Element - In a condominium, those common elements reserved for the use of a certain apartment, or certain apartments, to the exclusion of other apartments.

LimitedPartnership - A partnership composed of general and limited partners whose contribution and liability are limited and specifically defined.

LiquidatedDamages - An amount pre-determined by the parties to an agreement that will he forfeited as compensation for breach of contract.

Lis Pendens - A legal document giving Constructive notice that an action at law is pending; a notice of pendency.

Listing - A written employment agreement between a property owner and a broker authorizing the listing broker to sell, lease or exchange the realty.

Loan Commitment - A commitment by a lender as to the amount he will loan to a qualified borrower on a particular piece of real estate.