Page 54 - Homeowners Manual - El Dorado County
P. 54

Tenancy in Common: An estate or interest in land held   Title Examination: To peruse and study the instruments in a
          by two or more persons, each having equal rights of    chain of title and to determine their effect and condition in
          possession and enjoyment, but without any right of     order to reach a conclusion as to the status of the title.
          succession by survivorship between the owners.
                                                               Title Insurance Underwriter: An insurance company that
        Tenant: Any person occupying real property with the      issues insurance policies either to the public or to another
          owner’s permission.                                    insurer.
        Testament: Another term for a will. Commonly referred to as   Title Insurance: An agreement to indemnify the insured
          “last will and testament.”                             against loss arising from a covered defect in title to a
                                                                 particular parcel of real property, which is typically issued
        Testate: The state or condition of leaving a will at death. “To   to both the buyer to protect their property rights (through
          die testate.”                                          an owner’s title insurance policy), and the lender to
                                                                 protect its lien rights (through a lender’s title insurance
        Testator: A man who makes or has made a testament or will.
                                                                 policy).
        Testatrix: A woman who makes or has made a testament or   Title Insurance Policy: A written contract of title insurance.
          will.
                                                               Title Plant: The total facilities (records, equipment, fixtures,
        Three-Day Review Period: For covered transactions under   and personnel) required to function as a title insurance
          the TILA-RESPA Integrated Disclosure (TRID) Rule the   operation in some parts of the country. Technically, the
          creditor is generally required to ensure that the consumer   organization of official records affecting real property
          (borrower) receives the Closing Disclosure no later than   into a system, which allows quick and efficient recovery
          three business days prior to the consummation of the   of title information.
          loan.
                                                               Title Search: An examination of public records, laws and
        Title: (i) ownership of real property, which stands against   court decisions to disclose the current facts regarding
          the right of anyone else to claim the property; (ii) the   ownership of real estate.
          evidence of right which a person has to the ownership
          and possession of land.                              Tolerances: See “Variances.”
        Title Agent: See “Agent.”                              Torrens Title: A system whereby, after court proceedings,
                                                                 a certificate is issued setting forth the extent of the
        Title Defect: Any legal right held by others to claim property   applicant’s estate in land, subject to the exceptions
          or to make demands upon the owner.
                                                                 shown.
        Title Commitment: A report issued by a title insurance   Total Interest Percentage (TIP): The total amount of interest
          company or its agent, committing the title insurance   that the consumer will pay over the life of the loan as
          company to issue the form of policy designated in the   a percentage of the principal of the loan, assuming the
          commitment upon compliance with and satisfaction of    consumer makes each monthly payment in full and on
          requirements set forth in the commitment.
                                                                 time, and does not make any overpayments.



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