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 survivorship between the owners.Tenant
--Any person in possession of 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 or right which a person has to the ownership and possession of land. "Commonly considered as a bundle or 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 6 miles square, containing 36 sections or 36 square miles.
Tract--A particular parcel of land.
Trust--A property right held by one for the benefit of another.
Trustee--A person holding property in trust.
