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Title Insurance Terms & Phrases

Terms and Phrases is Chicago Title's Glossary of definitions, meanings, and descriptions of significance for some of our industry's most often used terms and phrases.

Takeout Loan
A long term loan replacing a short term interim construction loan.
Tax Deed
A deed issued to a purchaser following a sale necessitated by the non-payment of real property taxes.
Tax Sale
Sale conducted for the purpose of collecting delinquent taxes assessed to a parcel of real property.
Tax Search
A form of co-ownership by husband and wife, characterized by the inability of one spouse alone to convey or encumber and by the incident of survivorship.
Tenancy in Common
A form of co-ownership of property by two or more persons in undivided interests.
Tender
An unconditional offer to pay a debt or to perform an obligation.
Tenements
All rights in land passing with a conveyance thereof.
Tentative Map
A proposed subdivision map required to be submitted to and approved by the local government agency before approval of a final subdivision map.
Tenure
The mode or manner in which a title to land is held.
Term
The time duration of a lease or of a loan also, any provision of a contract or lease.
Terminable Interests
Interests enduring for a limited period of time.
Termite Report
A report of an inspection for wood-destroying pests by a person licensed by the state.
Testament
True declaration of a person’s last will.
Testamentary Trust
A trust created by the last will and testament of a decedent.
Testator
One who died leaving a will.
Testimonium Clause
The concluding clause of an instrument beginning with the words: "In witness where-of..."
Tie
A survey connection from a point of known position to a point whose position is desired. A tie is made to determine the position of a supplementary point whose position is desired for mapping or reference purposes, or to close a survey on a previously determined point. To "tie in" is to make such a connection. The point to which the connection is made is termed a tie point.
Tie Point
Point of closure of a survey either on itself or on another survey.
Tied
As used in surveying, monuments are tied together by measurements. A property corner is tied to offset monuments or to other property corners.
Tier
A row of townships running east and west parallel to and north or south of a designated base line.
Time Is Of The Essence
Clause in a contract indicating punctual compliance is required.
Title
The sum total of a person’s right or the extent of his/her interest in real property.
Title Insurance
Assurance of indemnification for loss occasioned by defects in the title to real property or to an interest therein which is insured.
Title Plant
The records of a title company assembled and maintained for the purpose of issuing title insurance on real property.
Title Policy
A contract indemnifying against loss resulting from a defect in the title to the interest or lien in real property insured.
Title Search
The assembled links required to complete a chain of title to a parcel of real property.
Toll
To bar; to defeat.
Toll the Statute
To stop or interrupt the running of a statute of limitation.
Topography
The nature of surface of land, e.g., level, rolling, mountainous.
Torrens
A system of registration of land title no longer lawful in California but utilized in some other states.
Township
A normally square shaped subdivision of public lands containing 36 sections uniformly numbered starting with the northeast section.
Tract
A parcel of land divided into smaller parcels called lots.
Trade Fixtures
Articles of personal property, fastened to real property necessary to carry on a trade or business.
Trade Name
The name under which an organization does business.
Transfer Tax
A tax imposed upon transfers of title to real property.
Trust
A fiduciary relationship in which a trustee holds title to property for the benefit of a beneficiary.
Trust Deed
Same as a deed of trust; a three party security instrument conveying title to land as security for the performance of an obligation.
Trustee
The fiduciary holding title to property for the benefit of another.
Trustee’s Deed
The deed given by the trustee under a deed of trust when the secured property is sold under power of sale.
Trustee’s Sale
Foreclosure sale conducted by the trustee in the exercise of a power of sale.
Trustor
The person conveying property in trust.
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