TAX LIEN – The lien that is imposed upon real estate by operation of law that secures the payment of real estate
TENANCY BY ENTIRETIES – An estate or interest in real estate predicated upon the legal fiction that a husband
and wife are one person. A conveyance or devise to them (unless contrary intent is expressed) vests title in them as one person. Upon
the death of either husband or wife, full title passes to the survivor.
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.
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.
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 that 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 COMMITMENT – An offer to issue a title insurance policy. The title commitment will describe the various
conditions, exclusions and exceptions that will apply to that particular policy.
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; (e)
covenant of seisin; (f) covenant of warranty.
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 EXAMINATION – To peruse and study the instruments in a chain of title and to determine their effect and
condition in order to reach a conclusion as to the status of the title.
TITLE INSURANCE – Is insurance that protects purchasers of real estate and mortgages against loss from defective
titles, liens and encumbrances.
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 SEARCH – A search and perusal of the public records for recorded instruments that affect the title to a
particular piece of land. (See also Abstract and Examination.)
TITLE SEARCHER – One who searches titles.