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| Term |
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Description |
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| Tax Lien |
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When property owners do not pay their property taxes, the county places a lien on the property for the taxes due. The owner then cannot legally sell or transfer the property until the lien is cleared.
To get the money before the owner can pay, counties issue certificates (call "tax lien certificates") so investors can pay off the tax lien and earn interest until the owner pays the county back.
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| Tax Lien Certificate |
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Certificates issued by the county so investors can pay the property owner's delinquent property taxes while the owner tries to come up with the money. To make the certificates enticing to investors, the county includes an interest rate on the certificates to pay the investor for using their money. The interest rate varies depending on the state, but usually it ranges from 10 percent to 18 percent. In some states like Michigan, the interest rate can reach as high as 50 percent. |
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| Tax Assessor |
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A government official who places a value on property. (See also:
Assessed Value) |
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| Tax Sale |
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A sale of property, usually at auction, for non-payment of taxes assessed against it. |
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| Taxes |
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A charge, usually of money, imposed by authority on persons or property for public purposes. |
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| Taxes, Proration of |
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To divide or prorate the taxes equally or proportionately to time of use. |
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| Tenancy |
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A holding of an estate or a mode of holding an estate.
The temporary possession or occupancy of something (as a house) that belongs to another.
The period of a tenant's occupancy or possession. |
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| Tenancy at Sufferance |
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A tenancy which arises when a tenant holds over after the termination of a lease without
consent. |
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| Tenancy at Will |
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A tenancy for an indefinite period which may be terminated at the will of either the lessee or
the lessor. |
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| Tenancy in Common |
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Ownership by two or more persons who hold undivided interests without right of survivorship. |
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| Testator |
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A person who dies leaving a will or testament in force. |
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| Tender |
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An offer of money, usually in satisfaction of a claim or demand. |
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| testament |
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An act by which a person determines the disposition of his or her property after death. |
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| Time Is Of The Essence |
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A clause in a contract contemplating performance by the date specified therein. |
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| Title |
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All the elements constituting legal ownership.
A legally just cause of exclusive possession.
The instrument (as a deed) that is evidence of a right
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| Title, Abstract of |
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A summary of the conveyances, transfers, and any other facts relied on as evidence of title, together
with any other elements of record which may impair the title to real property. |
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| Title Insurance |
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Insurance written by a title company to protect the property owner against loss if title is
imperfect. |
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| Tort |
|
A wrongful act other than a breach of contract for which relief may be obtained in the form
of damages or an injunction |
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| Townhouse |
|
A, usually single-family, house of two or sometimes three stories that is usually connected
to a similar house by a common sidewall. (See also:
Row House) |
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| Trust Deed |
|
An instrument which transfers (conveys) the bare legal title of a property to a trustee to be held
pending fulfillment of an obligation, usually the repayment of a loan to a beneficiary. |
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| Trustee |
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One who holds bare legal title to a property in trust for another to secure the performance of
an obligation. |
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| Trustee's Sale |
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A sale at auction by a trustee under a deed of trust, pursuant to foreclosure proceedings. |
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| Trustor |
|
The borrower of money secured by a trust deed. One who transfers his bare legal title to a
trustee to be held as security until he has performed his obligation to a lender under terms of a
note secured by a deed of trust. |
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