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TAKE-OUT LOAN
The loan arranged by the owner
or builder developer for a buyer. The construction loan made
for construction of the improvements is usually paid in full
from the proceeds of this more permanent mortgage loan.
TAX
Enforced charge exacted of persons,
corporations and organizations by the government to be used to
support government services and programs.
TAX DEED
The deed given to a purchaser at
a public sale of land held for nonpayment of taxes. It conveys
to the purchaser only such title as the defaulting taxpayer had.
TAX-FREE EXCHANGE
The trade or exchange
of one real property for another without the need to pay income
taxes on the gain at the time of trade.
TAX SALE
Sale of property after a period
of nonpayment of taxes.
TENANCY IN COMMON
Co-ownership of property
by two or more persons who each hold an undivided interest, without
right of survivorship; interests need not be equal.
TENANT
The party who has legal possession
and use of real property belonging to another.
TENANTS BY THE ENTIRETIES
Under certain
state laws, ownership of property acquired by a husband and wife
during marriage, which property is jointly and equally owned.
Upon depth of one spouse it becomes the property of the survivor.
TENTATIVE MAP
The Subdivision Map Act requires
subdividers to submit initially a tentative map of their tract
to the local planning commission for study. The approval or disapproval
of the planning commission is noted on the map. Thereafter, a
final map of the tract embodying any changes requested by the
planning commission is required to be filed with the planning
commission.
TENURE IN LAND
The mode or manner by which
an estate in lands is held. All rights and title rest with owner.
TERMITES
Ant-like insects which feed on
wood and are highly destructive to wooden structures.
TERMITE SHIELD
A shield, usually of noncorrodible
metal, placed on top of the foundation wall or around pipes to
prevent passage of termites.
TESTATOR
One who makes a will.
THIRD PARTY
Persons who are not parties
to a contract which affects an interest they have in the object
of the contract.
THRESHOLD
A strip of wood or metal beveled
on each edge and used above the finished floor under outside
doors.
TIDELANDS
Lands that are covered and uncovered
by the ebb and flow of the tide.
TIME IS OF THE ESSENCE
A condition of a
contract expressing the essential nature of performance of the
contract by a party in a specified period of time.
TIME-SHARE ESTATE
A right of occupancy in
a time-share project (subdivision) which is coupled with an estate
in the real property.
TIME-SHARE PROJECT
A form of subdivision
of real property into rights to the recurrent, exclusive use
or occupancy of a lot, parcel, unit, or segment of real property,
on an annual or some other periodic basis, for a specified period
of time.
TIME-SHARE USE
A license or contractual
or membership right of occupancy in a timeshare project which
is not coupled with an estate in the real property.
TITLE
Indicates "fee" position of lawful
ownership and right to property. "Bundle of Rights" possessed
by an owner. Combination of all elements constituting proof of
ownership.
TITLE INSURANCE
Insurance to protect a real
property owner or lender up to a specified amount against certain
types of loss, e.g., defective or unmarketable title.
TITLE REPORT
A report which discloses condition
of the title, made by a title company preliminary to issuance
of title insurance policy.
TITLE THEORY
Mortgage arrangement whereby
title to mortgaged real property vests in the lender. Some states
give greater protection to mortgage lenders and assume lenders
have title interest. Distinguished from Lien Theory States.
TOPOGRAPHY
Nature of the surface of land;
topography may be level, rolling, mountainous. Variation in earth's
surface.
TORRENS TITLE
System of title records provided
by state law (no longer used in California)
TORT
Any wrongful act (not involving a breach
of contract) for which a civil section will lie for the person
wronged.
TOWNHOUSE
One of a row of houses usually
of the same or similar design with common side walls or with
a very narrow space between adjacent side walls.
TOWNSHIP
In the survey of public lands of
the United States, a territorial subdivision six miles long,
six miles wide and containing 36 sections, each one mile square,
located between two range lines and two township lines.
TRADE FIXTURES
Articles of personal property
annexed by a business tenant to real property which are necessary
to the carrying on of a trade and are removable by the tenant.
TRADE-IN
An increasingly popular method
of guaranteeing an owner a minimum amount of cash on sale of
owner's present property to permit owner to purchase another.
If the property is not sold within a specified time at the listed
price, the broker agrees to arrange financing to personally purchase
the property at an agreed upon discount.
TRANSFER FEE
A charge made by a lending
institution holding or collecting on a real estate mortgage to
change its records to reflect a different ownership.
TRUST ACCOUNT
An account separate and apart
and physically segregated from broker's own funds, in which broker
is required by law to deposit all funds collected for clients.
TRUST DEED
Just as with a mortgage this
is a legal document by which a borrower pledges certain real
property or collateral as guarantee for the repayment of a loan.
However, it differs from the mortgage in a number of important
respects. For example, instead of there being two parties to
the transaction there are three. There is the borrower who signs
the trust deed and who is called the trustor. There is the third,
neutral party, to whom trustor deeds the property as security
for the payment of the debt, who is called the trustee. And,
finally, there is the lender who is called the beneficiary, the
one who benefits from the pledge agreement in that in the event
of a default the trustee can sell the property and transfer the
money obtained at the sale to lender as payment of the debt.
TRUSTEE
One who holds property in trust
for another to secure the performance of an obligation. Third
party under a deed of trust.
TRUSTOR
One who borrows money from a trust
deed lender, then deeds the real property securing the loan to
a trustee to be held as security until trustor has performed
the obligation to the lender under terms of a deed of trust.
TRUTH IN LENDING
The name given to the federal
statutes and regulations (Regulation Z) which are designed primarily
to insure that prospective borrowers and purchasers on credit
receive credit cost information before entering into a transaction.
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