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T

Tax -As applied to real estate, 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 interest of the general public.

TAX DEFERRED EXCHANGES (Section 1031) - A special provision of the Internal Revenue Code allowing a trade transaction to avoid taxation where a sale transaction would trigger taxation of the sale.

TAXATION - The claim of governments against the private sector to fund governmental activity and spending.

TENANCY - A possessory interest in land either through renting (leasehold) or ownership (freehold).

TENANCY BY THE ENTIRETIES - Joint ownership of property by a husband and wife as one person under the law.

TENANCY IN COMMON - A form of co-ownership of property in which there is a unity of possession among co-owners. Each has an undivided interest.

TENANCY IN SEVERALTY

TESTATE - Having died with a valid will.

TESTERS - In fair housing, parties that approach providers of housing to see if sellers, landlords, or agents treat them differently due to any of the seven protected classes.

TIER - A row of townships (six miles north to south) extending the width (east and west) of a portion of the U.S. Government Survey System.

Title -As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.

 Title Insurance -Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a "mortgagee's title policy." Insurance benefits will be paid only to the "named insured" in the title policy, so it is important that an owner purchase an "owner's title policy", if he desires the protection of title insurance.
 

Title Search or Examination -A check of the title 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 convenants filed in the record, which would adversely affect the marketability or value of title.

TOPOGRAPHY - The lay of the land reflecting slope and elevation change.

TOWNSHIP - A square of land six miles by six miles (36 square miles or sections), used in the U.S. Government Survey System.

TRADE FIXTURES - Fixtures installed by commercial tenants at their own expense, for use in the trade or business.

TRANSFER TAX - Local taxes imposed on real estate transfers, based on the value of the property.

TRANSFERABILITY - The value characteristic of property that recognizes its ease of conveyance to another.

 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. (See deed of trust.)

TRUSTOR - The contributor of property placed in a trust.

TRUTH-IN-LENDING - See Consumer Credit Protection Act.

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