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Testate
Leaving a legally valid will at death. See Intestate.
Title
(1) A combination of all the elements that constitute a legal right to own,
possess, use, control, enjoy and dispose of real estate or a right or interest
therein. (2) The rights of ownership recognized and protected by the law.
Title Insurance
Insured statement of the condition of title or ownership of real property.
For a one-time-only premium, the named insured and their heirs are protected
against title defects, liens and encumbrances existing as of the date of
the policy and not specifically excluded from it. In the event of a claim,
the Title Company provides legal defense from the policyholder and pays any
covered losses incurred as a result of such claim.
Title Search
A review of all recorded documents affecting a specific parcel of land to determine
the present condition of title. An experienced title officer or attorney reviews
and analyzes all material relating to the search, then determines the sufficiency
and status of title for issuance of a title insurance policy.
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