Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy. TENANT In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease. TIME IS OF THE ESSENCE The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract. TIME SHARING A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period.
TITLE INSURANCE A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy. TITLE SEARCH An examination of the public records to determine what, if any, defects there are in the chain of title. TOWNHOUSE