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REAL ESTATE AND MORTGAGE TERMS:
T
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- Tax as applied to real estate is an enforced charge imposed
on persons, property, or income to be used to support the State.
The governing body in turn utilizes the funds in the best ingerest
of the general public.
- Lien for nonpayment of taxes.
- Public sale of property at an auction by a governmental authority,
due to non payment of property taxes.
- A holding, as of land, by any kind of title, occupancy of
land, a house or the like under a lease or on payment of rent
or tenure.
- A tenancy which arises when a tenant holds over after expiration
of his lease.
- A tenancy which may be terminated at the will of either the
lessor or lessee.
- 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.
- Any person in possession of real propertty with the permission
of the owner.
- Having made a will before death.
- Legal phrase in a contract requiring punctual performance
of all obligations.
- Often used interchangeably with the word ownership. It indicates
the accumulation of all rights in property by the owner and
others.
- These companies charge various fees for their services.
Title Insurance
- An insurance policy which protects the insured (purchaser
and lender) against loss arising from defects in title.
Title Search
- A review of the public records generally at the local courthouse,
to make sure the buyer is purchasing a house from the legal
owner and there are no liens, overdue special assessments, or
other claims or outstanding restrictive covenants filed in the
records, which would adversely affect the marketability or value
of title.
Trustee
- A patry 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 enfrcable in a court of law. (See deed of trust).
Truth in Lending Statement (Regulation
Z)
- A federal government regulation that provides details of the
cost of obtaining a mortgage loan. Lenders must provide this
shortly after the loan application has been completed.
GLOSSARY:
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