Lien – David Reecher A lien is an encumbrance on property which acts as security for the payment of a debt or the performance of an obligation.  A mortgage is a lien.  A lender will want most,... Read More


LIBOR Index – David Reecher Stands for “London Interbank Offered Rate”, and is the average yield of interbank offered rates for one-year U.S. dollar-denominated deposits in the Londo... Read More

Letter of Adequacy

Letter of Adequacy – David Reecher A letter (usually issued by a managing agent) found in the offering plan of a building converting to cooperative or condominium ownership affirming that the in... Read More


Landmark – David Reecher Landmark status is the designation given to a building or neighborhood that is under government protection for purposes of preservation... Read More

Land Lease

Land Lease – David Reecher A land lease is a situation in which a building and other land improvement are rented for a term of years.  At the end of the lease term, the right of possession is e... Read More