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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.
V
VA Guarantee - An insurance contract in which the Veterans
Administration (VA) insures that the named lender will recover
a specific percentage of the loan amount from the insurer
in the event the loan goes bad.
Variable
Rate Mortgage - A loan in which the interest rate fluctuates
with the cost of funds or some other index.
Vendee
- A purchaser of real property under land contract.
Vendor
- A seller of real property under land contract.
Vest -
To pass to a person an immediate right or interest. Title
may be said to vest in John Smith.
Vestee
- A nonlegal term used by title insurers to indicate the owner
of real property in a policy or report.
W
Warranty - A promise by the grantor of real property that
he or she is the owner and will be responsible to the buyer
if title is other than as represented.
Will -
A written document providing for the distribution of property
owned by a person after his or her death.
Z
Zoning - The right of a municipality to regulate and determine
the compatible character and use of property.
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An
Agent of Chicago Title Insurance Company