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tenancy in common A type of ownership where two or more people share ownership of a property, but not necessarily equally. tenants-in-common An undivided interest in property taken by two or more persons. The interest need not be equal. Upon death of one or more persons, there is no right of survivorship. |
term
The period of time which covers the life of the loan. For example, a 30 year fixed loan has a term of 30 years.
title
The evidence one has of right to possession of land.
title insurance
Insurance against loss resulting from defects of title to a specifically described parcel of real property.
title search
An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.
