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.
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.
The solid ground of the earth as distinguished from the sea.
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.
(1) A person from whom a tenant leases land or buildings. (2) One who runs a rooming house or inn.
Existing, but lying hidden or concealed.
An agreement granting the use or occupancy of land during a specified period in exchange for rent.
(1) Property held by lease. (2) The estate or interest in real estate created by a lease.
(1) Relating to or concerned with the law. (2) The conformity with or permitted by law.
A tenant holding a lease.
One who gives a lease to a lessee.
A legal obligation or responsibility for the payment of a loss or damages or a debt.
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.
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.
An estate of ownership in real estate which exists only during the term of a certain person’s life.