Saturday, May 18, 2024, 12:06 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
T
TAKE-OUT FINANCINGPermanent or long-term financing of individual condominium units for their respective buyers. |
TAX DEEDA deed for property sold by a government unit for non-payment of assessed taxes. |
TAX LIENA claim against real property going into effect when taxes are assessed against that property. |
TAX SALEA sale of property, usually at auction, for non-payment of assessed taxes. |
TAX, TAXATIONA charge or burden to support government, levied upon persons or property by legislative authority. |
TENANCYA state of ownership. |
TENANCY AT SUFFERANCEA tenancy arising when the tenant wrongfully holds over after the expiration of his term. The landlord has the choice of evicting the tenant or accepting him for a similar term and under the conditions of the previous holding. |
TENANCY AT WILLPossession and occupancy of land terminable at the will of either party. |
TENANCY BY THE ENTIRETYA tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner. |
TENANCY FOR YEARSLeasing of a property for a fixed period of time. |
TENANCY IN COMMONownership by two or more persons who hold undivided interest, without right of survivorship. Upon the death of one tenant, his interest goes to his heirs. Interest need not be equal, and each owner is possessed of the whole of an undivided part. |
TENDERTo offer; to present. |
TENEMENTAll rights in land which pass with conveyance of the land. |
TESTAMENTThe written declaration of one's last will. |
TESTATELeaving a will upon death. |
TESTATOROne who leaves a will in force at his death. |
TIME OF THE ESSENCEIn a contract, a requirement of punctual performance. |
TITLEEvidence that an owner of land is in lawful possession thereof; an instrument evidencing such ownership. |
TITLE DEFECTA legal right or claim against a property registered on the title. |
TITLE INSURANCEA 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. |
TOPOGRAPHYThe nature of the surface of land. |
TORRENS SYSTEMSystem of title recordation and protection provided by the laws of some states. |
TORTA negligent or intentional wrong; a wrongful act; violation of a legal right. |
TOWNHOUSEA structure whose common elements may be shared by two or more unit occupants. |
TOWNSHIPA section of land established by government survey that is six miles long, six miles wide and containing 36 sections, each one mile square. |
TRADE FIXTUREArticles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves. |
TRANSACTTo conduct business affairs; to carry out, perform or manage. |
TRANSFER TAXThe tax required by a governmental agency when real property is transferred from one party to another. |
TRESPASSWrongful invasion of land by one having no lawful right to enter. |
TRUST DEEDA deed given by borrower to trustee to be held pending fulfillment of an obligation. |
TRUSTEEOne who holds property in trust for another to secure the performance of an obligation. |
TRUSTORThe borrower in a trust agreement. |
TRUTH-IN-LENDINGA federal law designed to let borrowers know the exact cost of obtaining credit; a disclosure device. |