Glossary Archive

A legal heir refers to an individual who is entitled to inherit property or assets from a deceased person according to the laws of intestate succession. This term is significant in the context of estate planning and probate, particularly when an individual dies without a will (intestate). In general, legal heirs are determined by the...

Probate Probate is the legal process through which a deceased person's estate is administered and distributed. This process involves validating the deceased's will (if one exists), settling debts and taxes, and distributing the remaining assets to heirs or beneficiaries. In general, the probate process begins with the filing of the will (if applicable) and a...

Legal Remedies Legal remedies refer to the judicial means of enforcing a right or redressing a wrong through the court system. They are typically awarded in civil cases and are designed to provide compensation or relief to the injured party. Legal remedies can be categorized into two main types: monetary damages and equitable remedies. Monetary...

Lender’s Loss Payable Endorsement A Lender’s Loss Payable Endorsement is a provision attached to an insurance policy that designates a lender, such as a bank or financial institution, as a payee for any insurance claims made on the policy. This endorsement is commonly used in property insurance policies to protect the interests of the lender...

Lender’s Title Insurance Policy A Lender’s Title Insurance Policy is a type of insurance specifically designed to protect lenders from financial loss due to defects in the title of a property securing a loan. This policy is typically required by lenders when a borrower obtains a mortgage, providing them with assurance that their investment in...

Letter of Intent for Commercial Lease A Letter of Intent for Commercial Lease (LOI) is a preliminary agreement between a potential tenant and landlord outlining the basic terms and conditions of a lease for a commercial property. It serves as a starting point for negotiations and is generally non-binding, meaning it does not constitute a...

Letter of Intent for Property Purchase A Letter of Intent for Property Purchase (LOI) is a preliminary written agreement outlining the terms and conditions under which one party expresses their intention to purchase real estate from another. This document serves as a non-binding agreement that establishes the framework for negotiating the final purchase contract. Typically,...

Letters of Administration are legal documents issued by a probate court that grant an individual the authority to administer the estate of a deceased person who died without a valid will (intestate). This process is essential for managing and distributing the deceased's assets according to state laws. When a person passes away without a will,...

Letters Testamentary are legal documents issued by a probate court that authorize an executor to act on behalf of a deceased person's estate, enabling them to administer the estate according to the decedent's wishes as outlined in their will. These letters serve as proof of the executor's authority to gather and manage the assets of...

Liability Sharing Agreements in Mediation A Liability Sharing Agreement in Mediation is a contractual arrangement between parties involved in a dispute, where they agree on how to allocate responsibility for damages or losses arising from the issue at hand. This type of agreement is typically utilized in mediation processes to facilitate resolution and encourage cooperation...