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Tax sale |
A sale of real property ordered by the court in order to raise money to cover delinquent taxes |
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Tenancy in common |
A version of joint tenancy of a property, but without any right of succession by survivorship among the owners |
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Testate |
To die having prepared and left a valid will |
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Testator |
The individual who makes out a last will and testament |
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Time is of the essence |
A condition in a contract requiring the completion of a certain act within a designated period of time |
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Time-share |
A form of ownership interest which allows use of the property only for a fixed or variable period of time |
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Title |
A legal document that evidences a person’s ownership of and right to possess a property |
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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 |
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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 |
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TorrensTitle |
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 |
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Township |
A division of land that is six miles square, containing 36 square-mile sections |
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Tract |
A specific parcel of land |
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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 |
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Transfer tax |
State or local taxes imposed on a transfer of ownership of real property |
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Trust |
A right to a piece of property that is held for the benefit of another |
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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 |
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Trustee |
A party who holds property for the benefit of another |
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Trustee’s deed |
A deed conveying land ownership executed by the trustee who holds the land in trust |
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Trustor |
The borrower in a trust loan transaction |
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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. |
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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 |