Miami Office:
4000 Ponce de Leon Blvd
Suite 470
Coral Gables, Florida 33146

Phone: (305) 777-0482
Fax: (305) 675-3271

Boca Raton Office:
6111 Broken Sound Pkwy NW
Suite 330
Boca Raton, Florida 33487

Phone: (561) 443-7124
Fax: (561) 431-0419

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GLOSSARY-L

Lease
An agreement that grants the use or occupany of property during a specified period of time in exchange for periodic payments of rent.

Lemon Law
Statutes, adopted in some states, which make it easier for the buyer of a new vehicle that is found to be non-operational or defective to sue, whether for damages or the replacement of the vehicle, if the dealer or manufacturer is unable to make the vehicle operate as anticipated after a reasonable number of attempts to fix the problem.

Levy
The legal power of a government body to assess a tax on property, sales, business licenses, or any other transaction or thing that may be legally taxed.

Lien
An official claim or charge against property that acts as security for the payment of a debt or the performance of an obligation, for example, a mortgage.

Limited Liability
The maximum amount a person participating in a business can lose, or be held liable for, if claims are made against the company, or if the company files for bankruptcy.

Liquid Asset
Property in the form of cash or that can readily be converted into cash.

Lis Pendens
A Latin term meaning “a pending suit,” used to refer to the public notice that a lawsuit is pending.

Loan to Value (LTV) Ratio
A percentage determined by dividing a borrowed amount by the price or appraised value of a home to be purchased. This value is used to decide the down payment needed; the higher the value, the less cash needed.

Locus
A Latin term meaning “place,” referring to the place where a particular event under legal scrutiny occurred.

Long Cause
A lawsuit that is estimated to take more than one day in court. If a lawsuit that is estimated to be “short cause” lasts longer than a day, a judge has the power to declare a mistrial, forcing the parties to try the case again from the beginning at a later date as a long cause.

Long-Arm Statute
A law that gives jurisdiction to a local state court over a company or person located in another state, when the party caused damage locally or to a local resident.