REAL ESTATE AND MORTGAGE TERMS:  T

Tax

Tax as applied to real estate is an enforced charge imposed on persons, property, or income to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.

Tax Lien

Lien for nonpayment of taxes.

Tax Sale

Public sale of property at an auction by a governmental authority, due to non payment of property taxes.

Tenancy

A holding, as of land, by any kind of title, occupancy of land, a house or the like under a lease or on payment of rent or tenure.

Tenancy at Sufferance

A tenancy which arises when a tenant holds over after expiration of his lease.

Tenancy at Will

A tenancy which may be terminated at the will of either the Lessor or lessee.

Tenancy by the Entirety

A form of ownership by husband and wife whereby each owns the entire property. In event of the death of one, the survivor owns the property without probate.

Tenant

Any person in possession of real property with the permission of the owner.

Testate

Having made a will before death.

Time is of the Essence

Legal phrase in a contract requiring punctual performance of all obligations.

Title

Often used interchangeably with the word ownership. It indicates the accumulation of all rights in property by the owner and others.

Title, Escrow and Closing Agent Fees

These companies charge various fees for their services.

Title Insurance

An insurance policy which protects the insured (purchaser and lender) against loss arising from defects in title.

Title Search

A review of the public records generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive covenants filed in the records, which would adversely affect the marketability or value of title.

Trustee

A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (See deed of trust).

Truth in Lending Statement (Regulation Z)

A federal government regulation that provides details of the cost of obtaining a mortgage loan. Lenders must provide this shortly after the loan application has been completed.

GLOSSARY:

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