Real Estate Dictionary

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 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

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.
Also see Regulation Z

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