Glossary
T
TACKING ON: Beginning a title examination, in point of time, at the end of a previous title examination.
TAKE-OFF: An abbreviated copy of the principal features of recorded instruments, required for the purposes of indexation in an abstract plant or for purposes of making abstracts or examining titles.
TAKE-OUT: A written commitment or agreement given by a permanent mortgage lender to a temporary mortgage lender under which the permanent lender agrees to purchase mortgages made by the temporary lender.
TAX LIEN: The lien which is imposed upon real estate by operation of law which secures the payment of real estate taxes.
TAX SALE: A sale of property by a governmental agency, for nonpayment of taxes.
TENANCY BY THE ENTIRETY: Modification of a joint tenancy between husband and wife. Has the quality of survivorship, but neither spouse can convey his or her interest to break the joint tenancy. Recognized in many states. (See &qoutEstate By Entireties.")
TENANT: (1) Usually one who holds possession of real estate under a lease. (2) In a broader sense, one who holds or possesses lands and tenements by any kind of title.
TENANT AT SUFFERANCE: One who continues to hold possession of real estate after his authorized term of occupancy has expired.
TENANT AT WILL: A tenant whose occupancy of real estate is subject to the will of the owner.
TENANTS IN COMMON: Two or more persons in whom title to a single piece of real estate is vested in such a manner that they have a common or equal right to possession and enjoyment of the property, but each holds a separate individual interest or estate in the property. Each owner may sell or encumber his respective interest or dispose of it by will, and if he dies without leaving a will, his heirs inherit his undivided interest.
TENEMENT: (1) A building or complex of buildings containing residential rental units. (2) A run-down, low-rental apartment or flat building or rooming house. (3) Real property held by a person under a right or authority conferred by an owner.
TERTIARY RETENTION: This retention is the same as secondary retention except that it only applies if the primary and secondary retentions are exceeded. (See Secondary Retention.)
TESTAMENT: Commonly used in the phrase "last will and testament" and generally considered synonymous with "will." Technically speaking, it is a document providing for the disposition of one's personal property upon his death.
TESTATE: Having made a legally valid will and leaving it at death.
THIRD PARTY: A term usually applied to persons who are not principal parties to a contract or other instrument, but who have some right, interest or duty which such contract or instrument affects. For example, where a sale contract between buyer and seller of real estate provides that the money and documents involved in the transaction will be deposited with a title company pending the closing of the deal, the title company becomes a third party to the transaction.
TITLE: (1) A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest therein. (2) The rights of ownership recognized and protected by the law.
TITLE ASSURANCE: Assurance of title through abstracts, attorneys' opinions, title insurance, and surveys.
TITLE COVENANTS: Covenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as "common law covenants" includes (a) covenants against encumbrances, (b) covenant for further assurance (in other words, to do whatever is necessary to rectify title deficiencies), (c) covenant of good right and authority to convey, (d) covenant of quiet enjoyment, (See "Quiet Enjoyment."), (e) covenant of seisin, (f) covenant of warranty. (See "Warranty", also see "Covenant.")
TITLE DEFECT: (1) Any possible or patent claim or right outstanding in a chain of title which is adverse to the claim of ownership. (2) Any material irregularity in the execution or effect of an instrument in the chain of title.
TITLE INSURANCE: Indemnity against loss resulting from defects in or liens upon a title.
TITLE INSURER: A company which insures the title to real estate.
TITLE PLANT: (1) In many areas, synonymous with abstract plant. (2) A geographically filed assemblage of title information which is to help in expediting title examinations, such as copies of previous attorneys' opinions, abstracts, tax searches, and copies or take-offs of the public records.
TITLE REPORT: (See "Preliminary Report.")
TITLE SEARCH: The collection and review of recorded documents affecting a specific parcel of land. An experienced title officer or attorney reviews and analyzes all material relating to the search, then determines the sufficiency and status of title for issuance of a title insurance policy.
TITLE UNDERWRITER: Synonymous with title insurer.
TORRENS REGISTRATION SYSTEM: System of registration of land ownership wherein a court action is brought in order to obtain a torrens certificate which evidences an ownership interest.
TOWNSHIP: Part of a subdivision of United States Public Lands. A township contains 36 sections uniformly numbered starting with the northeast section, and each one mile square.
TRADE FIXTURES: Articles of personal property, fastened to real property, that are necessary to carrying on a trade. When installed by a tenant, they are ordinarily removable on expiration of the tenancy.
TRADE NAME: The name or any other designation under which a firm does business.
TRANSFER TAX: The tax payable on the conveyance of real property, measured by the amount of consideration paid.
TRESPASS: Invasion of an owner's rights in his property; wrongful entry onto the land of another.
TRUST: Fiduciary relationship in which one party (trustee) holds title to property for the benefit of another party (beneficiary).
TRUSTEE: Person who holds title in trust for the benefit of another person.