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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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Foreclosures >4. Foreclosure Alternatives There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.
If a homeowner wants to keep their home:
- Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
- Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
- Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
- HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
- Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
- All options listed are subject to approval of the lender.
If a homeowner does not want to keep their home:
- Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
- Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
- Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
- Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
- Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.
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| Q |
What weighs 320 tons and is considered the largest single block building?
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| A |
Pyramid of Mycerinus (Third Pyramid) at El Gizeh, Egypt is the largest single block building and the world's oldest pyramid. |
 See More Real Estate Trivia > |
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