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.
