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T
There are 19 entries in the definition.
Pages: 1
Term Definition
TaxAs applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State.
 
Tax DeedA deed executed by the tax collector to the state, county or city after a period of non-payment of taxes according to statute.
 
Tax Sale

(1) Property on which current county taxes have not been paid is "sold to the state." No actual sale takes placethe title is transferred to the state and the owner may redeem it by paying taxes, penalties and costs. If it has not been redeemed within five years, the property (referred to as "tax sold property") is actually deeded to the state. (Similar "sales" to cities take place for unpaid city taxes.)

(2) A public sale of property at auction by a governmental authority, after a period of non-payment of property tax.

 
Tenancy by the EntiretyOwnership by married persons where each owns the entire estate, with the survivor taking the whole upon the other's death.
 
Tenancy in CommonAn estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners.
 
TenantAny person occupying real property with the owner's permission.
 
TestateLeaving a legally valid will at death. See Intestate.
 
TitleAs 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 CovenantsCovenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as "common law covenants" includes: covenants against encumbrances; covenants for further assurance (in other words, to do whatever is necessary to rectify title deficiencies); covenants of good right and authority to convey; covenants of quiet enjoyment; covenants of seisin; covenants of warranty.
 
Title Defect

(1) Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership.

(2) Any material irregularity in the execution or effect of an instrument in the chain of title.

 
Title InsuranceInsurance against loss resulting from defects of title to a specifically described parcel of real property. 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 PlantAlso called "abstract plant" in some areas. A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorneys' opinions, abstracts, tax searches and copies or take-offs of the public records.
 
Title Search or ExaminationA review of all recorded documents affecting a specific piece of property to determine the present condition of title.
 
Torrens TitleA system whereby, title to land is registered with a registrar of land titles, instead of being recorded.
 
TownshipA territorial division of land established by federal survey, being six miles square, containing 36 sections or 36 square miles.
 
TractA parcel of land.
 
TrustA fiduciary relationship under which one holds property for the benefit of another.
 
TrusteeA 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. 
 
Trustee's Satisfaction of Deed of TrustOne of three ways to cancel deeds of trusts and mortgages. The "Trustee's Satisfaction of Deed of Trust" must be signed by the Trustee or Substitute Trustee and acknowledged by a Notary Public and contain all the information required.
 


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