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Terminology: T

May 29, 2017 - 5:33 AM EST

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Terminology: T

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.
Truss
Pre-manufactured roof rafters that allow a house to be built free of load bearing walls. Can also describe pre-manufactured floor support systems.
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.
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