Glossary

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There are 76 names in this directory beginning with the letter T.
Tacking
Adding together successive periods of use or possession by more than one person to make up the statutory period required for ad_verse possession or prescription.
Taking
When the government acquires private property for public use by condemnation, it's called "a taking." The term is also used in in_verse condemnation lawsuits, when a govern_ment action has made private property virtually useless.
Tax and Insurance Escrow
Account required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums, funded through monthly contributions by the mortgagor.
Tax Credit
A credit that is subtracted directly from the amount of tax owed. Compare: De_duction.
Tax Lien
A debt attached to the property for failing to pay taxes.
Tax Sale
Sale of property after foreclosure of a tax lien.
Tax-Free Exchange
A transaction in which one piece of property is traded for a piece of like-kind property. If the property involved is held for investment or the production of income, or used in a trade or business, tax on the gain may be deferred.
Tax, Ad Valorem
A tax assessed on the value of property.
Tax, Excise
A tax on the production, sale, or consumption of certain commodities. The state deed tax is an example of an excise tax.
Tax, General Real Estate
An annual ad valo_rem tax levied on real property. Often called property taxes.
Tax, Mortgage Registry
A state tax charged on all new mortgages of real property in Min_nesota.
Tax, Property
1. The general real estate tax. 2. Any ad valorem tax levied on real or per_sonal property.
Tax, State Deed
A state tax charged on the dif_ference between the purchase price and any as_sumed mortgage balance when real estate is sold. If no mortgage is assumed, the tax is based on the total purchase price.
Teaser Rate
Contract interest rate charged on an adjustable rate mortgage for the initial adjustment interval that is significantly lower than the fully indexed rate at the time.
Tenancy
Lawful possession of real property; an estate.
Tenancy by the Entirety
A special form of joint ownership of property by husband and wife used in some states, but not in Minnesota.
Tenancy in Common
A form of concurrent ownership in which two or more persons each have an undivided interest in the entire prop_erty, but no right of survivorship. Compare: Tenancy, Joint.
Tenancy, Joint
A form of concurrent owner_ship in which the co-owners have equal undivided interests and the right of survivorship.
Tenant
Someone in lawful possession of real property; especially, someone who has leased property from the owner.
Tenant, Dominant
A person who has easement rights on another's property; either the owner of a dominant tenement, or someone who has an easement in gross.
Tenant, Holdover
A lessee who remains in possession of the property after the lease term has expired.
Tenant, Life
Someone who owns a life estate; not necessarily used as the measuring life for the life estate.
Tenant, Servient
The owner of a servient ten_ement; that is, someone whose property is bur_dened by an easement.
Tender
An unconditional offer by one of the parties to a contract to perform his or her part of the agreement; made when the offerer be_lieves the other party is breaching, it establishes the offerer's right to sue if the other party doesn't accept it. Also called a tender offer.
Tenement, Dominant
Property that receives the benefit of an easement appurtenant.
Tenement, Servient
Property burdened by an easement. In other words, the owner of the ser_vient tenement (the servient tenant) must allow someone who has an easement (the dominant tenant) to use the property.
Tenements
Everything of a permanent nature associated with a piece of land that is ordinarily transferred with the land. Tenements are both tangible (buildings, for example) and intangible (air rights, for example).
Tenure
The period of time during which a per_son holds certain rights with respect to a piece of real property.
Term
A prescribed period of time; especially, the length of time a borrower has to pay off a loan, or the duration of a lease.
Terms
Conditions and arrangements specified within a contract.
Testate
Refers to someone who has died and left a will. Compare: Intestate.
Testator
A person who makes a will. (If it is a woman, she may be referred to as a testatrix.)
Third Party
1. A person seeking to deal with a principal through an agent. 2. In a transaction, someone who is not one of the principals.
Third Party Administrator (TPA)
A third party set up to administer your investments.
Tight Money Market
A situation in which loan funds are scarce, resulting in high interest rates and discount points.
TILA
Truth in Lending Act.
Time is of the Essence
A clause in a contract that means performance on the exact dates specified is an essential element of the contract; failure to perform on time is a material breach.
Timely Renewal
An application for renewal and renewal fee mailed by June 15 of the real estate licensee's renewal year.
Timeshare
An ownership arrangement in which co-owners each have an exclusive right to use a condominium unit (or other property) for a specified time period each year.
Title
Evidence of ownership, evidence of lawful possession.
Title Company
A title insurance company.
Title Defect
An unresolved claim against the ownership of property, prevents seller from providing buyer clear title to the property.
Title Insurance
An insurance policy that protects the holder from loss sustained by defects in the title.
Title Plant
A duplicate (usually microfilmed) of a county's public record, maintained by a title company at its offices for use in title searches.
Title Report
A report issued by a title com_pany, disclosing the condition of the title to a specific piece of property, before the actual title insurance policy is issued. Often called a pre_liminary title report.
Title Search
An examination of the public records to determine the ownership and encumbrances affecting real property.
Title Theory
The theory holding that a mort_gage gives the lender legal title to the security property while the debt is being repaid. Most states follow lien theory instead. Compare: Lien Theory.
Title, Abstract of
A short account of what ap_pears in the public record affecting the title of a particular parcel of real property; ordinarily includes a chronological summary of all grants, conveyances, wills, transfers, and judicial pro_ceedings that have in any way affected title, together with all liens and other encumbrances of record, showing whether or not they have been released.
Title, After-Acquired
Title acquired by a grantor after he or she attempted to convey prop_erty he or she didn't own.
Title, Chain of
The chain of deeds (and other documents) transferring title to a piece of prop_erty from one owner to the next, as disclosed in the public record; more complete than an ab_stract.
Title, Clear
A good title to property, free from encumbrances or defects; marketable title.
Title, Color of
Title that appears to be good title, but which in fact is not; commonly based on a defective instrument, such as an invalid deed.
Title, Equitable
The vendee's interest in prop_erty under a real estate contract. Also called an equitable interest. Compare: Title, Legal.
Title, Imperfect
Defective or incomplete title. An adverse possessor has imperfect title until he or she obtains a quitclaim deed from the owner of the land adversely possessed, or pre_vails in a quiet title action confirming that the requirements for acquiring title by continuous use have been met.
Title, Legal
The vendor's interest in property under a real estate contract. Compare: Title, Equitable.
Title, Marketable
Title free and clear of ob_jectionable liens, encumbrances, or defects, so that a reasonably prudent person with full knowledge of the facts would not hesitate to purchase the property.
Topography
The contours of the surface of the land (level, hilly, steep, etc.).
Torrens System
A system of land registration used in Minnesota and some other states, which allows title to be verified without a standard title search; title to registered land is free of all encumbrances or claims not registered with the title registrar.
Tort
A breach of a duty imposed by law (as opposed to a duty voluntarily taken on in a con_tract) that causes harm to another person, giv_ing the injured person the right to sue the one who breached the duty. Also called a civil wrong (in contrast to a criminal wrong, a crime).
Total Finance Charge
Under the Truth in Lending Act, the total finance charge on a loan includes interest, any discount points paid by the borrower, the loan origination fee, and mort_gage insurance costs.
Township
In the rectangular survey system, a parcel of land six miles square, containing 36 sections; the intersection of a range and a town_ship tier.
Township Lines
Lines running east-west, spaced six miles apart, in the rectangular sur_vey system.
Township Tier
In the rectangular survey sys_tem, a strip of land running east-west, six miles wide and bounded on the north and south by township lines.
Tract
1. Apiece of land of undefined size. 2. In the rectangular survey system, an area made up of 16 townships; 24 miles on each side.
Trade Fixtures
Articles of personal property annexed to real property by a tenant for use in his or her trade or business, which the tenant is allowed to remove at the end of the lease.
Transferability
If an item is transferable, then ownership and possession of that item can be conveyed from one person to another. In ap_praisal, transferability is one of the four ele_ments of value, along with utility, scarcity, and demand.
Trespass
An unlawful physical invasion of property owned by another.
Triple Net Lease
Lease in which the tenant is to pay all operating expenses of the property so that the landlord receives net rent, frequently used to mean tenant pays taxes, insurance, and maintenance in addition to normal operating expenses.
Trust
An arrangement whereby property is transferred to a trusted third party trustee by a grantor/trustor, trustee holds the property for the benefit of the beneficiary.
Trust Account
A bank account, separate from a real estate broker's personal and business ac_counts, used to segregate trust funds from the broker's own funds.
Trust Deed
Conveyance of real estate to a third party to be held for the benefit of another, commonly used in some states in place of mortgages that conditionally convey title to the lender, same as Deed of Trust.
Trust Funds
Money or things of value received by an agent, not belonging to the agent but be_ing held for the benefit of others.
Trustee
1. A person appointed to manage a trust on behalf of the beneficiaries. 2. In other states, a neutral third party appointed in a deed of trust to handle the nonjudicial foreclosure process in case of default.
Trustee in Bankruptcy
An individual ap_pointed by the court to handle the assets of a person in bankruptcy.
Trustee's Sale
In other states, a nonjudicial foreclosure sale under a deed of trust.
Trustor
The borrower on a deed of trust. Also called the grantor.