Glossary
Tenancy at Will
A license to use or occupy lands and tenements at the will of the owner.
Tenancy by the Entirety
An estate that exists only between husband and wife with equal right of possession and enjoyment during their joint lives.
Tenancy in Common
An ownership of property by two or more parties, each of whom has an undivided interest.
Title
The lawful ownership of property.
Title Company
A firm that examines title to real estate and/or issues title insurance.
Title Report
A document that indicates the current state of a title, such as easements, covenants, liens and any other defects. It may not describe the chain of title.
Title Search
An examination of public records to determine the ownership of a property.
Trust Deed
Conveyance of real estate to a third party to be held for the benefit of another.
Trustee
One who holds legal title of a property in trust for the benefit of another person; he/she is required to carry out specific duties with regards to the property, or he/she might just have the power in terms of the disposition of property for another's benefit. Anyone who acts as a guardian or fiduciary in relationship to another person, such as a public officer toward his/her constituents, etc.
Trustor
One who creates a trust; often called the settlor.
