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Thursday, May 16, 2024, 11:16 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
T

TESTATE

Leaving a will upon death.

TESTATOR

One who leaves a will in force at his death.

TIME OF THE ESSENCE

In a contract, a requirement of punctual performance.

TITLE

Evidence that an owner of land is in lawful possession thereof; an instrument evidencing such ownership.

TITLE DEFECT

A legal right or claim against a property registered on the title.

TITLE INSURANCE

A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions.

TOPOGRAPHY

The nature of the surface of land.

TORRENS SYSTEM

System of title recordation and protection provided by the laws of some states.

TORT

A negligent or intentional wrong; a wrongful act; violation of a legal right.

TOWNHOUSE

A structure whose common elements may be shared by two or more unit occupants.