The real estate industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. With this in mind, the experts at Commonwealth Land Title Insurance Company have compiled the following glossary of terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.
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Title -

(1) A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy and dispose of real estate or an inheritable right or interest therein. (2) The rights of ownership recognized and protected by the law.



Title Covenants -

Covenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as “common law covenants” includes: covenants against encumbrances; covenants for further assurance (in other words, to do whatever is necessary to rectify title deficiencies); covenants of good right and authority to convey; covenants of quiet enjoyment; covenants of seisen; covenants of warranty. (See Warranty or Covenant.)



Title Defect -

(1) Any possible or patent claim or right outstanding in a chain of a title that is adverse to the claim of ownership. (2) Any material irregularity in the execution or effect of an instrument in the chain of title.



Title Insurance Policy -

A contract of title insurance under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.



Title Plant -

A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorney’s opinions, abstracts, tax searches and copies or take-offs of the public records.