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Takeout Financing
A commitment to provide permanent financing upon completion of construction. The take out loan normally pays off the construction loan.
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Tax Lien
Lien for nonpayment of taxes
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Tax Sale
Public sale of a property at an auction by a government authority as a result of non-payment of taxes.
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Teaser Rate
A low initial interest rate on a mortgage.
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Tenancy at Sufferance
Tenancy established when a person who had been a lawful tenant wrongfully remains in possession of property after expiration of a lease.
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Tenancy at Will
A license to use or occupy land and buildings at the will of the owner. The tenant may decide to leave the property at any time or must leave at the landlords will.
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Tenancy by the Entirety
A form of ownership by husband and wife whereby each owns the entire property. In event of the death of one, the survivor owns the property without probate
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Tenancy for Years
Created by a lease for a fixed term, such as 6 months, 2 years, etc.
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Tenancy in Common
Ownership of a property by 2 or more persons, each of whom has an undivided interest, without the right of survivorship. Upon the death of one of the owners, the ownership share of the deceased is inherited by the beneficiary designated on the owner's will.
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Tenancy in Severalty
Ownership of property by one person.
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Time is of the Essence
Legal phrase in a contract requiring all references to specific dates and times noted in the contract be interpreted exactly.
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Time Share
A form of property ownership under which a property is held by a number of people, each with the right of possession for a specified time interval. Time sharing is used mostly for vacation properties.
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Title
Evidence that the owner of the property is in lawful possession. Evidence of ownership.
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Title Insurance
An insurance policy which protects the insured against loss arising from defects in title. Title insurance policies are typically obtained for the buyer and the lender.
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Title Report
A document indicating the current state of title. The report includes information on the current ownership, outstanding deeds of trust or mortgages, liens, easements, covenants, restrictions, and any defects.
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Title Search
An examination of the public records to determine the ownership and encumbrances affecting the property.
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Town House
Residence which normally has 2 or more floors and is attached to other similar units. Town houses are commonly found in planned unit developments (PUDs) and condominiums.
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Tract
A parcel of land, generally held for subdividing.
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Transfer Tax
Tax paid to the city, county, state or other government entity upon sale of a property.
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Triple-Net Lease
One in which the tenant pays all operating expense of the property. The landlord receives the net rent.
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Trust Account
A separate bank account maintained by a broker or escrow company to handle all money collected for clients. A broker may not commingle these funds with his/her own funds.
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Trust Deed
See Deed of Trust.
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Trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law.
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Truth in Lending
See Regulation Z.
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Two-Step Mortgage
A mortgage in which the borrower receives a fixed rate for a specified number of years (most often 5 or 7), and then receives a new interest rate based on the terms in the note.
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