What does the term 'title' refer to in the context provided?

In the context of title insurance and real estate transactions, the term 'title' refers to the legal right to ownership of property, which encompasses the estate or interest described in Schedule A. Schedule A of a title insurance policy typically outlines the details of the property, including the legal description, ownership status, and any pertinent information regarding the property’s title. Thus, it serves as a foundational document that establishes what rights and interests the insured party holds in the property.

Understanding the significance of Schedule A is crucial, as it provides clarity on the specifics of the title being insured, which is essential for identifying any exceptions, liens, or claims that might affect ownership. Recognizing the importance of this aspect of title helps in determining the rights that an owner enjoys and the protections afforded by the title insurance policy against potential disputes or claims.