A B C D E F G H I J K L M N O P Q R S [T] U V W X Y & Z
Tacking – Adding or combining successive periods of continuous occupation of real property by adverse possessors. This concept enables someone who has not been in possession for the entire statutory period to establish a claim of adverse possession.
Taking – A concept which comes from the takings clause of the Fifth Amendment to the U.S. Constitution and means that when land is taken for public use through the government’s power of eminent domain or condemnation, the owner must be compensated.
Taxation – The process by which a government or municipal quasi-public body raises monies to fund its operation.
Tax credit – An amount by which tax owed is reduced directly.
Tax deed – An instrument, similar to a certificate of sale, given to a purchaser at a tax sale. See also certificate of sale.
Tax lien – A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens.
Tax sale – A court-ordered sale of real property to raise money to cover delinquent taxes.
Tenancy by the entirety – The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse the survivor becomes the owner of the property.
Tenancy in common – A form of co-ownership by which each owner holds an undivided interest in real property as if he or she were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance.
Tenant – One who holds or possesses lands or tenements by any kind of right or title.
Tenant improvements – Alterations to the interior of a building to meet the functional demands of the tenant.
Testate – Having made and left a valid will.
Testator – A person who has made a valid will. A woman often is referred to as a testatrix, although testator can be used for either gender.
Tier (township strip) – A strip of land six miles wide, extending east and west and numbered north and south according to its distance from the base line in the rectangular (government) survey system of legal description.
Time is of the essence – A phrase in a contract that requires the performance of a certain act within a stated period of time.
Time-share – A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period.
Title
- The right to or ownership of land.
- The evidence of ownership of land.
Title insurance – A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy.
Title search – The examination of public records relating to real estate to determine the current state of the ownership.
Title theory – Some states interpret a mortgage to mean that the lender is the owner of mortgaged land. Upon full payment of the mortgage debt, the borrower becomes the landowner.
Title VIII of Civil Rights Act of 1968 – (Federal Fair Housing Act) Prohibits discrimination in housing based on race, color, religion, or national origin.
Torrens system – A method of evidencing title by registration with the proper public authority, generally called the registrar, named for its founder, Sir Robert Torrens.
Township – The principal unit of the rectangular (government) survey system. A township is a square with six-mile sides and an area of 36 square miles.
Township lines – All the lines in a rectangular survey system that run east and west, parallel to the base line six miles apart.
Township strips – See tier.
Township tiers – Township lines that form strips of land and are designated by consecutive numbers north or south of the base line.
Trade fixture – An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
Transactional broker – Helps both the buyer and seller with paperwork and formalities in transferring ownership of real property, but is not an agent of either party.
Transfer tax – Tax stamps required to be affixed to a deed by state and/or local law.
Trigger terms – Specific credit terms, such as down payment, monthly payment, and amount of finance charge or term of loan.
Trust – A fiduciary arrangement whereby property is conveyed to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.
Trust deed – An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a deed of trust.
Trust deed lien – A lien on the property of a trustor that secures a deed of trust loan.
Trustee – The holder of bare legal title in a deed of trust loan transaction.
Trustee’s deed – A deed executed by a trustee conveying land held in a trust.
Trustor – A borrower in a deed of trust loan transaction.
Truth-in-Lending Act – Federal government regulates the lending practices of mortgage lenders through this Act.
