A lien for real property taxes. Attaches only to the property upon which the taxes are due in most jurisdictions. It may be foreclosed for nonpayment.
Tenancy by the Entirety
Ownership by married persons. Each owns the entire estate, with the survivor taking the whole upon the other’s death.
Tenancy in Common
An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners.
Any person occupying real property with the owner’s permission.
Another term for a will. Commonly referred to as “last will and testament.”
The state or condition of leaving a will at death. “To die testate.”
A man who makes or has made a testament or will.
A woman who makes or has made a testament or will.
Three-Day Review Period
For covered transactions under the TILA- RESPA Integrated Disclosure (TRID) Rule the creditor is generally required to ensure that the consumer (borrower) receives the Closing Disclosure no later than three business days prior to the consummation of the loan.
(i) ownership of real property, which stands against the right of anyone else to claim the property; (ii) the evidence of right which a person has to the ownership and possession of land.
A report issued by a title insurance company or its agent, committing the title insurance company to issue the form of policy designated in the commitment upon compliance with and satisfaction of requirements set forth in the commitment.
Any legal right held by others to claim property or to make demands upon the owner.
To peruse and study the instruments in a chain of title and to determine their effect and condition in order to reach a conclusion as to the status of the title.
An agreement to indemnify the insured against loss arising from a covered defect in title to a particular parcel of real property, which is typically issued to both the buyer to protect their property rights (through an owner’s title insurance policy), and the lender to protect its lien rights (through a lender’s title insurance policy).
Title Insurance Policy
A written contract of title insurance.
Title Insurance Underwriter
An insurance company that issues insurance policies either to the public or to another insurer.
The total facilities: records, equipment, fixtures, and personnel: required to function as a title insurance operation in some parts of the country. Technically, the organization of official records affecting real property into a system, which allows quick and efficient recovery of title information.
An examination of public records, laws and court decisions to disclose the current facts regarding ownership of real estate.
A system whereby, after court proceedings, a certificate is issued setting forth the extent of the applicant’s estate in land, subject to the exceptions shown.
Total Interest Percentage (TIP)
The total amount of interest that the consumer will pay over the life of the loan as a percentage of the principal of the loan, assuming the consumer makes each monthly payment in full and on time, and does not make any overpayments.
A division of territory approximately six miles square, containing approximately 36 sections or 36 square miles.
A particular parcel of land.
A property right held by one as a fiduciary for the benefit of another.
A person holding property in trust as a fiduciary for the benefit of another.