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 w...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 London marke...Read More
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 i...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 – 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...Read More
Involuntary Alienation – David Reecher Involuntary alienation is the transfer of title to real property as a result of a lien foreclosure sale, adverse possession, filing a petition in bankrupt...Read More