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Term Definition

Photo copies of instruments filed each day in the Recorder's Office which affect the title to real property.

Takeout Loan

Long term, permanent loan that replaces a short term, interim construction loan.

Tax Deed

A deed issued to the purchaser at a tax sale of real property.

Tenancy by the Entirety

Modification of a join tenancy between husband and wife. Has the quality of survivorship, but neither spouse can convey his or her interest to the break the joint tenancy. Recognized in many states.


Usually one who holds possession of real estate under a lease. 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.


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.

The rights of ownership recognized and protected by the law.

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 seisin; covenants of warranty. (See Warranty or Covenant.)

Title Defect

Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership.

Any material irregularity in the execution or effect of an instrument in the chain of title.

Title Insurance Policy

A contract of title insurance 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 that helps in expediting title examinations, such as copies of previous attorneys' opinions, abstracts, tax searches and copies or take-offs of the public records.


A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly after they apply for the loan. Also known as Regulation Z.

Two-Step Mortgage

A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of seven or 10 years. Also called "Super Seven" or "Premier" mortgage.

Ultra Vires

Beyond their powers. A corporation is said to act ultra vires when it exceeds the authority given it by its charter and by-laws.

Underlying Fee

A title concept in which ownership of all interest or estates in real property are less than or inferior to the most absolute interest one can have - that of fee ownership. It lies beneath all the other interests; it is basic, fundamental and implicit.

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