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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 I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'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 me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
| Q |
Where was the first hotel built in the US?
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| A |
The Union Hotel (1802) Saratoga Springs, NY, is the first hotel emphasizing lodging and services, in addition to food and drink. |
See More Real Estate Trivia > |
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Donald Payne Vision Realty, Inc. 4608 North High Street Columbus, OH 43214 Office: 614-447-3175 Toll-free: 866-510-2223 Cell: 614-323-4348 Fax: 614-267-2258 DonaldPayne@VisionRealty.com
Meet Donald A. Payne, Founder, Vision Realty. Don Payne is a devoted husband, father, son, friend, and volunteer. All of these life experiences make him uniquely qualified to have been the realtor of choice for home buyers and sellers since 1979.
The key to Don’s success for more than 25 years has been his willingness to take the time to get to know his clients, and to understand how their housing situation can best help them meet their personal visions.
Don has used his real estate expertise and relationship-building skills to help people in all walks of life realize their home ownership goals. He has reached out to single individuals, first-time homebuyers, new families, single parents, and well-established homeowners in a broad spectrum of pricing ranges, throughout their desired market areas.
Don has a sincere passion for knowing that, at the end of the day, his strategy has been to provide his clients with a caring, concerned partner in helping them achieve their unique life visions.
Whatever your housing vision may be, Don Payne can help! 
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