Title and Title Insurance

An indemnity policy that protects a lender or buyer of real estate against losses due to defects in title.

An examination of the public records to determine the status of the title to a parcel of real property, with special attention paid to the identification of defects or clouds in the title.

A system of land ownership registration and title to real property under which all registered lands are guaranteed indefeasiblie title by the state.
This system was invented in 1858 by Sir Robert Torrens when he was Premier of South Australia. Under this system, a government Registrar of Titles maintains records of land ownership, including Certificates of Title, in an official Land Register. The Torrens system was implemented due to inconsistencies and problems in proving land ownership under commom law. Deeds or other instruments registered under the Torrens system are given legal priority over all other documents, claims, or facts, either recorded or unrecorded.

A land measurement used in the government rectangular survey system (U.S. Public Lands Survey). A township is six (6) miles in length on each side, with a total area of 36 square miles. It contains thirty-six (36)sections, each with an area of 640 acres, for a total area of 23,040 acres. Note that due to the curvature of the earth, a correction of 198 feet must be made every 24 miles. Therefore, many townships actually contain less than 36 square miles due to these corrections.

One (1) township is equal to 36 square miles or sections.
One (1) township is equal to six (6) miles square.
One (1) township equals 23,040 acres.
One (1 township equals 1,003,622,400 square feet.
One (1) township equals 93,239,572 square meters.
One (1) township is equal to 111,514,046.5199 square yards.
One (1) township is equal to 3,686,400.0 square rods, poles, or perches.
One (1) township is equal to 230,400.0015 square chains.
One (1) township is equal to 92,160.3695 roods.
One (1) township is equal to 27,271.9933 arpents.
One (1) township is equal to 9,323.9945 hectares.
One (1) township is equal to 93.24 square kilometers.

A parcel of land that lies in more than one section or that cannot be identified completely as a part of a particular section

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all operating and property expenses in addition to periodic rent, including taxes, insurance, maintenance, utilities, and assessments.
Also known as a net, net, net lease (or net-net-net lease).

Definition: A sale of real estate, usually at auction, resulting from foreclosure for default on a deed of trust. Following the sale, the neutral, third-party trustee distributes the proceeds according to the stipulations of the deed of trust. Usually the proceeds are used to pay the outstanding balance due to the beneficiary (the lender). Any remaining funds are then disbursed to lienholders and then the trustor (the borrower).

Terms, Definitions, and Concepts: Auction, Finance and Investment, Legal (Law), Management, Real Estate, Title and Title Insurance

An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee; especially those actions that cause the utility or value of the property to be diminished.

A legal, written instrument prepared by an owner of real or personal property that conveys an interest in that property to one or more persons, organizations, or entities upon the death of the owner. The act of transferring ownership in this manner is known as a devise.