Glossary - T

Tenancy by the Entirety
Ownership by married persons where each owns the entire estate, with the survivor taking the whole upon the other’s death.

 

Tenancy in Common
An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners.

 

Tenant
Any person occupying real property with the owner’s permission.

 

Testament
Another term for a will. Commonly referred to as “last will and testament.”

 

Testate
The estate or condition of leaving a will at death. “To die testate.”

 

Testator
A man who makes or has made a testament or will.

 

Testatrix
A woman who makes or has made a testament or will.

 

Title
The evidence of the right which a person has to ownership and possession of land. Commonly considered as a history of rights.

 

Title Defect
Any legal or asserted right held by others to claim property or to make demands upon the owner.

 

Title Insurance
Insurance against loss or damage resulting from defects or failure of title to a particular parcel of real property.

 

Title Plant
The total facilities -records, equipment, fixtures, and personnel – required to function as a title insurance operation. Technically, the organization of official records affecting real property into a system which allows quick and efficient recovery of title information.

 

Title Search
An examination of public records, laws, and court decisions to disclose the current facts regarding ownership of real estate.

 

Torrens Title
A system whereby, after court proceedings, a certificate is issued setting forth the extent of the applicant’s estate in land subject to the exceptions shown. Most popular in the early 1900’s, the system was adopted in 19 states. It is presently used only in parts of six states. (Not used in Missouri or Kansas)

 

Township
A division of territory six miles square, containing 36 sections or 36 square miles.

 

Tract
A particular parcel of land.

 

Trust
A property right held by one as a fiduciary for the benefit of another.

 

Trustee
A person holding property in trust as a fiduciary for the benefit of another.

Site Created & Maintained by KC Web Specialists, LLC.