|
Find
the meaning of all the key terms used in Real Estate Vocabulary. Click on
the corresponding letter to find the word, which are all listed in
alphabetical order. We hope this service helps you further.
Select
the Letter that Correspond to the word
TACKING:
Adding an extra period of time to the term of a contract.
TAKING:
1. Government acquisition of land through condemnation.
2. Restrictions on the use of land that are so harsh as to block any
reasonable use of the property.
TANDEM
PLAN:
A joint program of the Government National Mortgage Association (GNMA) and
the Federal National Mortgage Association (FNMA) to provide low-interest
home loans.
TANGIBLE
PROPERTY:
Assets that can be touched, that have a physical existence.
TAX:
1. To strain or push to the point of exhaustion.
2. To levy an assessment against, usually by government powers. Unpaid
taxes usually form a special lien on property owned by the taxpayer, ahead
of registered mortgages.
3. The money charged as an assessment.
TAX
AND INSURANCE ESCROW:
See "escrow
account".
TAX
BASE:
The pool of property, value or income from which a government may draw
assessments.
TAX
DEED:
The instrument of conveyance when a property is sold by a government body
to pay for arrears of taxes.
TAX
FORECLOSURE:
The process leading up to the sale of a property to pay for arrears in
taxes.
TAX
LIEN:
A claim registered against a property by a government authority for
non-payment of assessed taxes.
TAX
MAP:
A pictorial representation of the properties in a municipality, showing
dimensions and other information about each property for tax purposes.
TAX
ROLL:
Also known as "assessment roll", the listing of all properties
in a jurisdiction that are subject to taxation, including owners' names,
assessed value of each property, municipal addresses, legal descriptions
and assessment roll number.
TAX
SALE:
Sale of property by a governmental body for non-payment of taxes, ether by
tender or auction.
TAX-EXEMPT
PROPERTY:
A property that is not subject to realty taxes.
TEASER
RATE:
A lower interest rate charged on an adjustable or variable
rate mortgage for a brief, introductory period as an inducement
to the borrower to accept the loan from the lender.
TENANCY:
The right to use and occupy all or part of a property under a rental
agreement.
TENANCY
AT SUFFERANCE:
Form of tenancy created when a tenant remains in occupation of the
premises after the end of the lease. The landlord is at liberty to evict
the tenant at any time, subject only to the local tenancy laws.
TENANCY
AT WILL:
Form of tenancy created by written agreement in which the landlord may
evict the tenant at any time.
TENANCY
BY ENTIRETY:
See "joint
tenants".
TENANCY
FOR LIFE:
See "life estate".
TENANCY
FOR YEARS:
Form of tenancy created by a written agreement in which the tenant has the
right to occupy the premises for a stated period of time.
TENANCY
FROM YEAR TO YEAR (MONTH TO MONTH):
A form of tenancy in which the tenant's right to occupy the premises lasts
for a stated period of time but may be extended by mutual consent for
another period.
TENANCY
IN COMMON:
Ownership of property in which several owners each own a stated portion of
the property (a percentage). Each owner may deal with her portion of the
property as she wishes (giving it away, mortgaging it, selling it,
bequeathing it, etc.) and, upon her death, her share becomes part of her
estate.
TENANCY
IN SEVERALTY:
Ownership of property by a single person.
TENANT
FIXTURES:
Items added to a leased premises by a tenant that might normally be
considered fixtures (and, therefore, part of the premises) but that, by
contract or law, the tenant is entitled to remove at the end of the lease
period.
TENANT
IN COMMON:
A person who owns property with one or more others, where each owns a
stated portion of the property and is free to deal with his portion as he
wishes.
TENDER:
1. To deliver payment or an item one is obliged to deliver.
2. To produce evidence of one's ability to meet one's obligations under a
contract for the purposes of preserving one's right to sue another party
to the contract who is not able to carry out the contract.
TENEMENTS:
1. A legal word for a property or fixed asset (see dominant or servient
tenement regarding easements).
2. Term for units in an aging apartment complex or building.
TENURE
IN LAND:
The fashion in which an owner holds title to land.
TERM
LOAN:
A loan that comes due on a given date, often before the periodic payments
would pay the loan out.
TERM,
AMORTIZATION:
Term: The period of time during which the loan contract is active, during
which the borrower makes periodic payments to the lender and at the end of
which the balance of the loan becomes due and payable.
Amortization:
The period of time after which, if all periodic payments are made on time
and in full, the loan will be paid out. Term may not be the same as
amortization: a normal mortgage may be amortized over 25 years with just a
five year term at which time the borrower has to re-finance.
TERMITE
CLAUSE:
A term in an Agreement for sale which allows the Purchaser to inspect for
termites. If any are found, the Vendor may be required to treat the
problem or the Purchaser may rescind. Many clauses now refer more
generally to "wood-damaging or destroying insects".
TERMITE
INSPECTION:
The examination of a building for wood destroying insects.
TERMS:
The various clauses that make up a contract. Sometimes used to described
the financial portions of the contract only.
TESTAMENT:
Another word for a will.
TESTAMENTARY
DISPOSITION:
The transfer of ownership of an asset by way of a will.
TESTATE:
To die leaving a valid Will. Opposite of "intestate".
TESTATOR
(TESTATRIX):
The person who makes a will.
TESTIMONIUM:
The clause in a legal instrument that sets out the date and other
information regarding the signing of the instrument.
THIRD
PARTY:
A person who is not a party to a contract but may become involved in an
indirect way or be affected by it.
TIME
IS OF THE ESSENCE:
A standard statement in a contract which ensures that all dates and times
of day noted in the contract are important and cannot be ignored by any of
the parties without the consent of the others except in breach of the
contract.
TIME-SHARING:
A form of joint ownership of property where numerous owners share title
and enjoy use or occupation of the property according to a specific
schedule.
TITLE:
The legal term for one's ownership interest in land.
TITLE
COMPANY:
Also known as "title insurance company" or "title
insurer". A corporation which is in the business of selling policies
of insurance guaranteeing the ownership and quality of title to land.
TITLE
COVENANTS:
Clauses and promises inserted into instruments of conveyance which are
designed to give the Purchaser assurances that she is receiving good
title.
TITLE
DEFECT:
A claim against or competing interest in a property which affects the
title of the registered owner.
TITLE
INSURANCE POLICY:
A form of insurance contract which guarantees to indemnify an owner or
mortgagee of property for damages suffered as a result of undiscovered
title defects which arise later.
TITLE
PLANT:
Also known as "abstract
plant". An assemblage, available to the public, of
information and documents relating to title to a particular property.
TITLE
REPORT:
A document which sets out the current state of title to a property.
TITLE
SEARCH OR EXAMINATION:
The act of examining in detail the public records relating to ownership of
a parcel of land to ensure that the current owner has clear title, free of
any liens, claims, mortgages or competing and adverse interests. Usually
performed by a lawyer, qualified title searcher, or title insurance
company on behalf of a proposed purchaser or mortgagee.
TITLE
THEORY STATES:
Jurisdictions in which ownership of land is divided into two interests:
legal title and equitable title. When an owner registers a mortgage in
favor of a lender, legal title is transferred to the lender while the
owner retains equitable (or beneficial) title. Once the mortgage is paid
out, legal title is transferred back to the owner.
TOPOGRAPHY:
The form and structure of the surface of land (i.e. hilly, flat, etc.)
TORRENS
SYSTEM:
Developed in Australia, a system of the registration of interests in land
in which documents are closely regulated, monitored and examined by the
recording authority to ensure that they are correct and that title is
transferred without flaw. Property may not be transferred if uncorrected
title defects exist.
TOTAL
DEBT RATIO:
Comparison of the total costs of living for a person (including debt,
food, utilities) over a given period with the gross income of that person.
TOTAL
INTEREST PAYMENTS:
A calculation of all interest paid on a loan over its life.
TOWN
HOUSE:
A type of dwelling which shares at least one common wall with neighboring
dwellings.
TRANSACTION
FEE:
A charge for making a withdrawal on a line of credit or other bank
account.
TRANSFER
TAX:
See "land
transfer tax".
TRESPASS:
Entry onto or possession of the property owned by another without the
owner's consent.
TRIPLE-NET
LEASE:
A rental agreement which requires the tenant to pay all operating costs of
the building.
TRUST
ACCOUNT:
A bank account held by a professional for the purposes of keeping money
held on behalf of clients separate from the funds of the professional or
her business.
TRUST
DEED:
An instrument of conveyance of title to property wherein the transferee
will be holding the title to the property on behalf of another person.
TRUSTEE:
A person who holds title to property on behalf of another (a
"beneficiary of the trust").
TRUSTEE'S
SALE:
Sale conducted by a trustee (often the lender) under the terms of the deed
of trust.
TRUTH-IN-LENDING
ACT:
A federal law which requires lenders to disclose all terms of a loan
arrangement to the borrower in a specified form.
TUDOR:
A heavy looking, fortress like style of home in the English style. Stone
and brick construction, may also feature stucco and exposed timbers.
Windows feature stone trim.
TWO-STEP
MORTGAGE:
A mortgage contract in which the interest rate changes after a given
period of time, such that the rate charged is lower for the first part of
the term of the mortgage and then market rate or higher later in the term.
Perdido
Key Florida Real Estate Real Estate Dictionary |
