 |
S
Second Mortgage - A second loan on real estate that a l ready has a mortgage. It is subordinate to the first mortgage. Usually of shorter term and often at a higher interest rate.
Section or Section of Land - A parcel of land comprising one square mile or 640 acres.
Set Back Lines - Those lines which delineate the required distances for the location of structures in relation to the perimeter of the property.
Sub-surface Right - The right of ownership to things lying beneath the physical surface of the property.
Survey - The process of measuring land to determine its size, location and physical description and the resulting drawing or map.
T
Tenancy by the Entirety - Ownership by married persons of their homestead property 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 right which a person has to the ownership and possession of land. Commonly considered as a history of rights.
Title Defect - Any legal 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.
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.
U
There are no U terms.
|
|
|
|
|
