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taxation |
The process by which a government or
municipal quasi-public body raises monies to fund its operation.
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tax deed |
An instrument, similar to a certificate of
sale, given to a purchaser at a tax sale. (See also
CERTIFICATE OF SALE.)
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tax lien |
A charge against property created
by operation of law. Tax liens and assessments take priority over all
liens.
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tax levy |
tax placed on property by local government
to pay for services offered by local government See LEVY.
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tax rate |
The rate at which real property is taxed
in a tax district or county. For example, in a certain county, real
property may be taxed at a rate of .056 cents per dollar of
assessed valuation.
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tax sale |
A court-ordered sale of real property to
raise money to cover delinquent taxes.
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tenancy at sufferance |
The tenancy of a lessee who lawfully
comes into possession of a landlord’s real estate, but who continues to
occupy the premises improperly after his or her lease rights have
expired.
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tenancy at will |
An estate that gives the lessee the
right to possession until the estate is terminated by either party; the
term of this estate is indefinite.
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tenancy by the entirety |
The joint ownership, recognized in some
states, of property, acquired by husband and wife during marriage. Upon
the death of one spouse, the survivor becomes the owner of the property.
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tenancy in common |
A form of co-ownership by which each
owner holds an undivided interest in real property as if he or she were
sole owner. Each individual owner has the right to partition. Unlike a
joint tenancy, there is no right of survivorship between tenants in
common.
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tenant |
One who holds or possesses lands or
tenements by any kind of right or title. testate Having made and left a
valid will.
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time is of the essence |
A phrase in a contract that requires the
performance of a certain act within a stated period of time.
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title |
The right to or ownership of land; also,
the evidence of ownership. Title encompasses all the bundle of rights
attached to a property. Title may be held individually, jointly, in
trust, or in corporate or partnership form.
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title insurance |
A policy insuring the owner or mortgagee
against loss by reason of defects in the title to a parcel of real
estate other than those encumbrances, defects, and matters which are
specifically excluded by the policy.
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Torrens system |
A method of evidencing title by
registration with the proper public authority, generally called the
registrar. Named for its founder, Sir Robert Torrens.
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township |
The principal unit of the rectangular
survey system (government survey method). A township is a square with
six-mile sides and an area of 36 square miles.
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township line |
Lines running at six-mile intervals parallel
to the base lines in the rectangular survey system (government survey
method).
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trade fixtures |
Articles installed by a tenant under the
terms of a lease and removable by the tenant before the lease expires.
These remain personal property and are not true fixtures.
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trust |
A fiduciary arrangement whereby property
is conveyed to a person or institution, called a
trustee,
to be held and administered on behalf of
another person, called a beneficiary.
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trust account |
The bank account maintained by a real estate
agent which the agent deposits any purchase monies received on behalf of
their client. Funds are held in the trust account until the agent is
authorized to distribute the funds to the relevant parties See
COMMINGLING.
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trust deed |
An instrument used to create a mortgage lien
by which the mortgagor conveys his or her title to a trustee, who holds
it as security for the benefit of the note holder (the lender); also
called a deed of trust.
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trustee |
a person to whom the legal title of property
is entrusted on behalf of another individual. This individual may
care for the property of a minor or other individual. See
TRUST.
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trustee’s deed |
A deed executed by a trustee conveying
land held in a trust.
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Two step Mortgage |
a mortgage in which the first period, generally 7 years, is
established at a fixed rate and the rate is adjusted at the end of the
first 7 year term for the remaining 23 years of the mortgage. The
final 23 year term is established at the prevailing interest rate of the
adjustment date. |
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