Definition: having left a valid will Pronunciation: \ˈtes-ˌtāt, -tət\ Used in a Sentence: She die..
Category : T
Definition: generally, a member of the public; not the principal or agent in a transaction Pronunciation: Used in a Sentence: The escrow agent was the third party in the contract for the sale of the..
Definition: a row of townships extending east and west in the government survey method Pronunciation: \ˈtir\ Used in a Sentence: A township tier is numbered beginning at the ..
Definition: a contract clause that emphasizes punctual performance as an essential requirement of the contract Pronunciation: \ˈe-sən(t)s\ Used in a Sentence: The words “time is of the essence” in a contract mean that dates and time limits in the contract mu..
Definition: an individual interest in a real property unit together with a right of exclusive use for a specified number of days or weeks a year Pronunciation: Used in a Sentence: We purchased a time-share unit in Orlando to use for our annual..
Definition: evidence of ownership of real property, such as a deed Pronunciation: \ˈtī-təl\ Used in a Sentence: A person who holds vested ownership rights in property is said to h..
Definition: the consummation of a real estate transaction, when the seller delivers title to the buyer in exchange for payment from the buyer of the purchase price Pronunciation: \ˈtī-təl\ \ˈklō-ziŋ\ Used in a Sentence: The title closing went smoothly and we were able to take possession of the..
Definition: a policy of insurance that protects the holder from any loss resulting from defects in the title Pronunciation: \ˈtī-təl\ \in-ˈshu̇r-ən(t)s\ Used in a Sentence: The limited protection afforded buyers of real property by an opinion of title led to the need for title ..
Definition: an examination of all the public records to determine whether any defects exist in the chain of title Pronunciation: \ˈtī-təl\ \ˈsərch\ Used in a Sentence: We had a title search done on the property we wanted to buy to ensure there were no defects with ..
Definition: legal concept that vests title to mortgaged property in the mortgagee (lender) or a third party Pronunciation: \ˈtī-təl\ \ˈthē-ə-rē\ Used in a Sentence: With title theory, once the debt is paid in full, the lender conveys legal title to the..