LAND >> Undeveloped land.

LAND BURDEN >> An agreement granting limited permission to use the property.

LAND CONTRACT >> An installment contract for sale with the buyer receiving equitable title and the seller retaining legal title .

LEASE OPTION TO PURCHASE >> A lease containing a clause that allows the tenant the right to purchase the property under specified conditions.

LEASEHOLD >> A tenant?s right to occupy real estate during the term of the lease. This is a personal property interest.

LEASEHOLD ESTATE >> A kind of real estate ownership through which the property owner doesn?t hold title to the property , but instead has use of the property subject to the terms of the lease.

LEGAL DESCRIPTION >> A method of geographically identifying a parcel of land that is acceptable in a court of law.