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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
Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property.
Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback.
Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
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What Newport, Rhode Island mansion was built as a birthday present and incorporates 500,000 cubic feet of white marble?
A
The Vanderbilt Marble House was constructed by railroad baron William K. Vanderbilt for his wife Alva, who later divorced him, remarried and moved into a mansion down the street.
Linda Dale RE/MAX Action Realty - License number AB061668L 1126 Horsham Road Maple Glen, PA 19002 Direct: 215.646.3954 Office: 215.358.1100 Cell: 215.327.9759 Fax: 215.646.2684 Email: Linda@lindadale.com
Linda has been serving buyers and sellers of real estate for over 25 years. She enjoys the thrill of finding that first home for first-timers, and Linda also enjoys finding that "dream" home for move-up buyers. On a personal note, Linda is an avid golfer, with first-hand knowledge of this areas residential golf communities and courses. Linda's
experience will save you time and money.
Linda is ranked in the top 1% of all agents throughout the US. She also is licensed as an Associate Broker in the state of PA, with
credentials including an ABR (Accredited Buyer Representative), CLHMS (Certified Luxury HOme Marketing Specialist), CRS (Certified Residential Specialist), and a GRI (Graduate, Realtors Institute). Linda is a Temple Graduate with a business degree, specializing in Finance and Economics.
Maple Glen, PA
215.358.1100
You can find
great local
Horsham, Pennsylvania real estate information on
Localism.com Linda Dale is a proud member of the ActiveRain Real Estate
Network, a free online community to help real estate professionals grow their
business.
- NUMBER1EXPERT 
