Glossary of Real Estate Terms "T"

Like many other industries, the real estate industry has its own unique language and vocabulary. Without some knowledge of this specialized language, you may find yourself a bit confused if you become involved in a real estate transaction.

Whether entering the real estate market for the first time or if you have invested before, this handy reference will provide an understanding of basic real estate words and phrases.


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T

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. (3) When involving a mobile home or modular home “attached” to real property, refers to the actual document that is Title to the mobile home or modular.

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: covenants against encumbrances; covenants for further assurance (in other words to do whatever is necessary to rectify title deficiencies); covenants of good right and authority to convey; covenants of quiet enjoyment; covenants of siesin; covenants of warranty. (See Warranty or Covenant).

Title Defect – (1) Any possible or patent claim or right outstanding in a chain of title that 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 Policy – A contract of title insurance (contract of indemnity) under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.

Title Plant – Also called “abstract plant” in some areas. A geographically filed assemblage of title information based on publicly recorded documents, that helps in expediting title examinations, and can include copies of previously prepared abstracts and title commitments/policies, tax searches and copies or take-offs of the documents in the public records.

 




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