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.
Beginning a subsequent title examination, in point of time, at the end of a previous title examination. (See Back Title Letter.)
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. 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.
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. 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.
The lien which is imposed upon real estate by operation of law which secures the payment of real estate taxes.
(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.
(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.
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.
Having made a legally valid will and leaving it at death.
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.
(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.
Assurance of title afforded by abstracts, attorneys’ opinions, title insurance, and surveys.