Lender's Instructions
A document that lenders prepare for the closing agent that outlines the requirements for loan closing.

Lender option commitments
An agreement giving a lender the option to deliver loans or securities by a certain date at agreed-upon terms.

Lessee
One who possesses the right to use or occupy a property under lease agreement.

Lessor
One who holds title to and conveys the right to use and occupy a property under lease agreement.

Letter of Intent
A formal method of stating that a prospective developer, buyer or lessee is interested in property.

Lien
An encumbrance against property for the payment of debt; a lien may be a mechanic's lien, mortgage, unpaid taxes or judgment.

Like-Kind Property
Any property which is substantially similar to another property.

Life Estate
An estate in real property for the life of a living person. The estate then reverts back to the grantor or to a third party.

Limited Partnership
A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, who contributes capital and are liable only to the amount contributed.

Line Of Credit
An extension of credit for a certain amount for a specific amount of time. To be used by the borrower at his discretion.