Glossary of terms used on this site
There are 149 entries in this glossary.T
| Term | Definition |
|---|---|
| Tax Deed |
A deed executed by the sheriff or tax collector to the state, county or city when no redemption is made from a tax sale. |
| Tax Sale |
The process of "selling" a property to the governing authority (usually a state) because of unpaid real estate taxes. No actual sale takes place. Title is transferred to the governing authority and typically the former owner may redeem it within a certain time (which varies by area) by paying taxes, penalties and costs. |
| Testate |
A person who leaves a legally valid Will at death. Opposite of Intestate. |
| Title |
(1) A combination of all the elements that constitute a legal right to own, possess, use, control, enjoy and dispose of property or a right or interest therein. (2) The rights of ownership to land recognized and protected by the law. |
| Title Insurance |
A statement of the condition of title or ownership of real property, insured as such by a title insurance company. For a one-time-only premium, the named insured and their heirs are protected against title defects, liens and encumbrances existing as of the date of the policy and not specifically excluded from it. In the event of a claim, the title company provides legal defense for the policyholder and pays any covered losses incurred as a result of such claim. |
| Title Search |
A review of all recorded documents affecting a specific parcel of land to determine the present condition of title. |
| Trustee |
A lender when a Deed of Trust (instead of a Mortgage) is used as the security for the repayment of a loan or other obligation. |
| Truster |
A borrower when a Deed of Trust (instead of a Mortgage) is used as the security for the repayment of a loan or other obligation. |