Page 44 - Home Buyers and Sellers Guide - Hawaii

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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