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Glossary of Terms

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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 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.

Tenancy in Common: Co-ownership of property by two or more persons who hold undivided interest, without right of survivorship; interests need not to 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 death of one spouse it becomes the property of the survivor.

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.

Townhouse: One of a row of houses usually of the same or similar design with common sidewalls or with a very narrow space between adjacent sidewalls.

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.

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 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 to the lender under terms of 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 the 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 the prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction.

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