To see how our industry is continuing to protect and serve our clients and communities through the COVID-19 pandemic and beyond, watch this video

Title Industry Responds to COVID-19: Our Title Is Protection

Title insurance professionals take pride in protecting their customers by ensuring that their home is theirs when they make one of the biggest financial decisions of their lives. In the midst of the COVID-19 pandemic, the title insurance industry has stepped up even more to help their communities. Whether it’s volunteerism, or innovation to get deals closed during this time of social distancing, the title industry is here to provide protection today, tomorrow, and forever.

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Glossary

A Word About Title Language

The title industry has its own language. Many of its words and idioms are derived from the language of the law while others are common words given special meaning related to land titles. There are also words and phrases coined over the years by the title industry itself.

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LACHES

Material delay or negligence in the timely assertion of one’s rights. Laches is a legal principle under which one is barred from asserting or claiming a right.

LAND

The solid ground of the earth as distinguished from the sea.

LAND CONTRACT

A contract between buyer and seller for the purchase and sale of land, the purchase price usually being payable in installments over a considerable period.

LANDLORD

(1) A person from whom a tenant leases land or buildings. (2) One who runs a rooming house or inn.

LATENT

Existing, but lying hidden or concealed.

LEASE

An agreement granting the use or occupancy of land during a specified period in exchange for rent.

LEASEHOLD

(1) Property held by lease. (2) The estate or interest in real estate created by a lease.

LEGAL

(1) Relating to or concerned with the law. (2) The conformity with or permitted by law.

LESSEE

A tenant holding a lease.

LESSOR

One who gives a lease to a lessee.

LIABILITY

A legal obligation or responsibility for the payment of a loss or damages or a debt.

LICENSE

In title industry parlance, permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.

LIEN

The liability of real estate as security for payment of a debt. Such liability may be created by contract, such as a mortgage, or by operation of law, such as a mechanics lien.

LIFE ESTATE

An estate of ownership in real estate which exists only during the term of a certain person’s life.