|
Tax
sale |
A sale of real
property ordered by the court in order to raise money to cover
delinquent taxes |
|
Tenancy in
common |
A version of joint
tenancy of a property, but without any right of succession by
survivorship among the owners |
|
Testate |
To die having
prepared and left a valid will |
|
Testator |
The individual who
makes out a last will and testament |
|
Time is of the
essence |
A condition in a
contract requiring the completion of a certain act within a
designated period of time |
|
Time-share |
A form of ownership
interest which allows use of the property only for a fixed or
variable period of time |
|
Title |
A legal document
that evidences a person's ownership of and right to possess a
property |
|
Title
insurance |
Insurance that
protects the owner or mortgagee against loss arising from
disputes over or defects in the title to a parcel of real
estate that arise after ownership has been
transferred |
|
Title
search |
Research into public
title records to determine the current status of ownership of
a piece of property; a licensed attorney must provide any
legal interpretation of the records found |
|
Torrens
Title |
Now a dated system
(only used in a few US states) whereby the court issues a
certificate establishing the extent of an individual's estate,
including any exceptions noted |
|
Township |
A division of land
that is six miles square, containing 36 square-mile
sections |
|
Tract |
A specific parcel of
land |
|
Transfer of
ownership |
Any circumstance in
which the ownership of a property changes hands, e.g., via
outright, titled purchase, or the assumption of an existing on
a property, or possession of the property via a land sales
trust, even any transfer of a beneficial interest in the
trust |
|
Transfer
tax |
State or local taxes
imposed on a transfer of ownership of real
property |
|
Trust |
A right to a piece
of property that is held for the benefit of
another |
|
Trust deed, or a
Deed of trust |
A written document
that grants the trustee the title to a piece of property for
the benefit of another, and which gives the trustee the power
to sell, mortgage or subdivide the property |
|
Trustee |
A party who holds
property for the benefit of another |
|
Trustee's
deed |
A deed conveying
land ownership executed by the trustee who holds the land in
trust |
|
Trustor |
The borrower in a
trust loan transaction |
|
Truth-in-Lending |
A federal law that
requires disclosure by a credit institution or lender of the
terms and conditions of a loan or mortgage, including the
annual percentage rate and any other charges, to the borrower
when they apply for the loan.
Also see Regulation
Z |
|
Two-step
mortgage |
An adjustable-rate
mortgage that charges a below-market interest rate for a
designated number of years (usually 5 or 7) after which the
interest rate is adjusted to the current market
conditions |
