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Welcome > Resources > Real Estate Dictionary - A
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Tax sale |
A sale of real property ordered by the court in
order to raise money to cover delinquent taxes |
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Tenancy in common |
A version of joint tenancy of a property, but
without any right of succession by survivorship among the
owners |
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Testate |
To die having prepared and left a valid
will |
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Testator |
The individual who makes out a last will and
testament |
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Time is of the essence |
A condition in a contract requiring the
completion of a certain act within a designated period of time |
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Time-share |
A form of ownership interest which allows use of
the property only for a fixed or variable period of time |
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Title |
A legal document that evidences a person's
ownership of and right to possess a property |
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Title insurance |
Insurance that protects the owner or mortgagee
against loss arising from disputes over or defects in the title to a parcel of
real estate that arise after ownership has been transferred |
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Title search |
Research into public title records to determine
the current status of ownership of a piece of property; a licensed attorney
must provide any legal interpretation of the records found |
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Torrens Title |
Now a dated system (only used in a few US
states) whereby the court issues a certificate establishing the extent of an
individual's estate, including any exceptions noted |
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Township |
A division of land that is six miles square,
containing 36 square-mile sections |
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Tract |
A specific parcel of land |
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Transfer of ownership |
Any circumstance in which the ownership of a
property changes hands, e.g., via outright, titled purchase, or the assumption
of an existing on a property, or possession of the property via a land sales
trust, even any transfer of a beneficial interest in the trust |
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Transfer tax |
State or local taxes imposed on a transfer of
ownership of real property |
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Trust |
A right to a piece of property that is held for
the benefit of another |
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Trust deed, or a Deed of
trust |
A written document that grants the trustee the
title to a piece of property for the benefit of another, and which gives the
trustee the power to sell, mortgage or subdivide the property |
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Trustee |
A party who holds property for the benefit of
another |
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Trustee's deed |
A deed conveying land ownership executed by the
trustee who holds the land in trust |
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Trustor |
The borrower in a trust loan
transaction |
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Truth-in-Lending |
A federal law that requires disclosure by a
credit institution or lender of the terms and conditions of a loan or mortgage,
including the annual percentage rate and any other charges, to the borrower
when they apply for the loan.
Also see Regulation Z |
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Two-step mortgage |
An adjustable-rate mortgage that charges a
below-market interest rate for a designated number of years (usually 5 or 7)
after which the interest rate is adjusted to the current market
conditions |
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Did We Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! We'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! We always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! We're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
Real Estate Contracts >Broom Clean
Most purchase agreements contain language that requires a home to be free of trash and debris and "broom clean" at closing. While this language is not precise, the general idea is that you should convey a clean house to your buyers, one in the same condition that you hope to find your new home.
When the movers leave with your furniture, you may even want to consider hiring a professional cleaning service to thoroughly clean the home. It is crucial to leave your house as pristine as possible for the new owners. This includes getting rid of any leftover junk in the storage spaces. When the buyers show up for their final walk-through, they will feel much better about finalizing the sale if everything sparkles. This will set up a positive mood for completing the transaction and help to minimize any disputes at the closing.
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| Q |
What country of the world has the highest percentage of private housing?
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| A |
Mongolia, where 100% of all properties are owner-occupied. |
 See More Real Estate Trivia > |
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