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LAND
CONTRACT:
An installment contract for the sale of land whereby the
seller (vendor) holds legal title and the buyer (vendee)
has equitable title until the sales price is paid in full.
LEASE:
An agreement by which an owner of real property (lessor)
gives the right of possession to another (lessee), for a
specified period of time (term) and for a specified consideration
(rent).
LEGAL
DESCRIPTION:
A description of land recognized by law, based on government
surveys, spelling out the exact boundaries of the entire
piece of land. It should so thoroughly identify a parcel
of land that it cannot be confused with any other.
LENDER:
Any person or entity advancing funds which are to be repaid.
A general term encompassing all mortgagees, and beneficiaries
under deeds of trust.
LIEN:
An encumbrance against property for money, either voluntary
or involuntary. All liens are encumbrances but all encumbrances
are not liens.
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