An equitable doctrine used by courts to bar a legal claim or prevent the assertion of a right because of undue delay or failure to assert a claim or right.
The earth’s surface extending downward to the center of the earth and upward infinitely into space.
- Land Contract
See Contract for Deed.
Termination of a policy because of failure to pay the premium. A policy lapses at the end of its grace period. For example, if you forget to pay your Whole Life premium when due, there is usually a 30 day grace period, during which time coverage continues until the policy lapses.
- Last Will and Testament
- Late Charge
The penalty a borrower must pay when a payment is made a stated number of days (usually 15) after the due date.
- Latent Defect
A hidden structural defect presumably resulting from faulty construction known to the seller but not to the purchaser and not readily discoverable by inspection.
- Law of Agency
- Law of Large Numbers
An insurance company bases its rates on a homogeneous group. Risks are not usually considered insurable unless the insurer has a large enough base of previous loss experience to be able to accurately project future losses. It is the Law of Large Numbers that makes accurate predictions of similar risks possible.
A written agreement between the property owner and a tenant that stipulates the conditions under which the tenant may possess the real estate for a specified period of time and rent.