|
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 |
- NUMBER1EXPERT™ 
The
data relating to real estate for sale on this web site comes in part from the
Internet Data Exchange of the Lehigh Valley Association of REALTORS Multiple
Listing Service. Real Estate listings held by brokerage firms (licensees) other
than Keller Williams Real Estate are marked with the IDX logo and detailed
information about them includes the name of the listing brokers. The
information being provided is for consumers personal, non-commercial use and
may not be used for any purpose other than to identify prospective properties
consumers may be interested in purchasing.
