| 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 Company A company that specializes in examining and insuring titles to real estate. 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 Treasury Index An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market 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. 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 Two-to-Four-Family Property A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed. |
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