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Title insurance
Title insurance is often required as part of the closing costs. It covers research into public records to ensure that the title is free and clear and ready for sale. If you purchase a home and find out later that there are liens on the home you’ll be glad you had title insurance.
Tax sale
A court-ordered sale of real property to raise money to cover delinquent taxes.
Taxation
The process by which a government or municipal quasi-public body raises monies to fund its operation.
Tax lien
A charge against property created by the operation of law. Tax liens and assessments take priority over all other liens.
Tax rate
The rate at which real property is taxed in a tax district or county.
Tenancy at sufferance
The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after her or his lease rights have expired.
Tenancy at will
An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.
Tenancy by the entirety
The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. On 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 the sole owner. Each individual has the right to partition. Unlike a joint tenancy, there is no right of survivorship between tenants in common, and owners may have unequal interests.
Tenant
One who holds or possesses lands or tenements by any kind of right of title.
Tenement
Everything that may be occupied under a lease by a tenant.
Termination (lease)
The cancellation of a lease by the action of either party. A lease may be terminated by expiration of the term, surrender and acceptance, constructive eviction by lessor, or option, when provided in the lease for breach of covenants.
Termination (listing)
The cancellation of a broker-principal employment contract. A listing may be terminated by death or insanity of either party, expiration of listing period, mutual agreement, sufficient written notice, or the completion of performance under the agreement.
Testate
Having made and left a valid will.
Testator
A will maker
Title insurance
Insurance designed to indemnify the holder for loss sustained by reason of defects in a title, up to and including the policy limits.
Torrens system
A method of evidencing title by registration with the proper public authority, generally called the registrar.
Township
The principal unit of the rectangular survey system. A township is a square with six-mile sides and an area of 36 square miles.
Township lines
The horizontal lines running at six-mile intervals parallel to the base lines in the rectangular survey system.
Trade fixtures
The articles installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
Trust
A fiduciary arrangement by which property is conveyed to a person or institution, called a trustee, and held and administered on behalf of another person, called a beneficiary.
Trust deed
An instrument used to create a lien by which the trustor conveys his or her title to a trustee, who holds it as security for the benefit of the note holder (the lender).
Trustee
One who as agent for others handles money or holds title to their land
Trustee’s deed
A deed executed by a trustee conveying land held in a trust to the beneficiary. Real estate terms that begin with U
Title Search
A title company’s review of the deed and the (potential) claims upon it.