Title Insurance
Contract by which a private title insurance company agrees to pay the insured a specified amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee, or otherwise.

Tenancy by the Entirety
A tenancy which is created between husband and wife and by which together they hold title to the whole with right of survivorship so that, upon death of either, the other takes whole to exclusion of deceased heirs.

Joint Tenancy
The distinguishing characteristic of joint tenancy is the right of survivorship. If one of the joint tenants dies, their interest passes automatically to the surviving party avoiding any probate proceedings. When two or more people own a property as joint tenants, they own an undivided co-equal interest in the property.

Tenancy In Common
A standard form of ownership for unrelated buyers that is generally presumed to be the way they hold title if nothing else appears to the contrary. The shares are presumed to be equal unless stated otherwise on the deed, and each of the tenants has equal rights of possession. There is no right of survivorship. 

Transferring Title
Convey real property from one party to another as a legal document – Quit Claim Deed or Warranty Deed.

Quit Claim Deed
Deed that transfers whatever interest or title a grantor may have, without warranty or guarantee of clear title.

Warranty Deed
Deed that provides a guarantee from the seller stating clear and marketable title to the property and is conveying the property free of all judgments, tax or assessment liens.

Grantor and Grantee
The Grantor is the person conveying the property; the Grantee is the person receiving the property.