Glossary Archive

Time-Sensitive Mediation Agreements A Time-Sensitive Mediation Agreement is a specific type of contract established between parties involved in a dispute, which outlines their intent to resolve the conflict through mediation within a predetermined timeframe. This agreement is particularly important in situations where delays could exacerbate the dispute, lead to financial losses, or result in missed...

Title Abstract Review Agreement A Title Abstract Review Agreement is a legal document that outlines the terms and conditions under which a title abstractor, typically a real estate professional or legal expert, reviews a title abstract. A title abstract is a summarized history of the title to a particular property, including details about past ownership,...

Title Curative Work Agreement A Title Curative Work Agreement is a legal contract between parties involved in resolving issues related to the title of a property. This agreement typically arises in the context of real estate transactions, where the title to a property may have defects, such as liens, encumbrances, or inaccuracies in the public...

Title Defect Indemnity Agreement A Title Defect Indemnity Agreement is a legal contract designed to protect one party from potential losses or claims arising from defects or issues related to the title of a property. This type of agreement is particularly important in real estate transactions, where the ownership rights of a property can be...

Title Defect Resolution A title defect resolution refers to the process of identifying and correcting issues or flaws in the title of a property that may impede its transfer, ownership, or marketability. Title defects can arise from various sources, including clerical errors, unresolved liens, boundary disputes, or claims from third parties. The resolution process typically...

Trust A trust is a legal arrangement in which one party, known as the trustee, holds and manages assets for the benefit of another party, known as the beneficiary. This arrangement allows for the separation of legal ownership from beneficial ownership, providing a mechanism for managing and distributing assets according to specific terms set out...

Title Insurance Policy A title insurance policy is a contract between a title insurance company and a property buyer or lender that provides financial protection against losses arising from defects in the title of a property. It ensures that the buyer or lender has a clear and marketable title to the property, safeguarding against issues...

Title Opinion Letter A Title Opinion Letter is a legal document provided by an attorney that offers an assessment of the state of the title to a particular piece of real property. This letter is typically requested during real estate transactions to confirm that the title is clear of any encumbrances, liens, or disputes that...

Title Transfer by Gift Clause A Title Transfer by Gift Clause is a provision within a legal document, often found in wills or trusts, that facilitates the transfer of ownership of property or assets as a gift upon the death of the donor or at a specified time. This clause allows the donor to specify...

Title transfer by trust operation refers to the process of transferring ownership of property or assets into a trust, where the trust becomes the legal owner of the property while the original owner retains certain rights to benefit from it. In this context, a trust is a fiduciary arrangement where one party, the trustee, holds...