T
Tax Base -
The total tax-assessed value of all real property in a particular
jurisdiction.
Tax Rate
- The rate, normally stated in units of $100, multiplied by the assessed
value of property to determine the amount of the property tax due.
Tenancy at Sufferance -
A tenancy which is created when one is in wrongful possession of realty,
even though the original possession may have been legal.
Tenancy at Will -
An occupation of space for an indefinite period which can be terminated
by either the lessor or lessee at any time.
Tenancy by the Entireties (Entirety) -
A special joint tenancy between a lawfully
married husband and wife, which places all title to property (real or
personal) into the marital unit, with both spouses having an equal
undivided interest in the whole property. In essence, each spouse owns
the ENTIRE estate.
Tenancy from Period to Period -
A leasehold, which is automatically
renewed for the same term as in the original lease; also referred to as
a periodic tenancy or an estate from year to year. Notice needed to
terminate.
Tenancy in Common -
A form of concurrent ownership where two or more persons hold separate
titles in the same estate. May have equal or unequal shares. Right of
partition.
Term Mortgage (Straight Term) -
A method of financing in which interest
only is paid during the time of the loan. At maturity, generally five
years or less, the entire principle is due.
Time Is of the Essence -
A phrase included in contracts to require punctual performance of all
obligation.
Time Sharing -
A form of condominium ownership in which the buyer owns the property for
a certain specified time interval.
Title
- The legally recognized evidence of a person's right to possess property.
Title Insurance -
A policy that protects the insured against loss or damage due to defects
in title.
Title Theory States -
States in which a mortgage actually conveys title subject to a
condition.
Topography
- A description of surface features of land.
Township
- A 6-by-6 mile area containing 36 sections each 1 mile square. A division
of land in the rectangular survey method of land description.
Trade Fixtures -
Personal property used in business which has been annexed to real
property and is removable by the owner. (Tenant) If it is not taken by
the tenant it becomes the property of the landlord.
Transferability
- The ability to exchange goods and services. In real estate legal rights
are transferred.
Transfer Tax - tax charged on the conveyance of real estate;
based on the sale price. In the Pittsburgh area, this rate may vary by
municipality.
Trust
- A legal relationship under which title to property is transferred to a
person, called a trustee, who has control over the property, and must
manage it for some other person -- called a beneficiary.
Trustee
- A person who holds title and control over property and manages it for
another person called a beneficiary. (Called "Naked Legal Title")
Trustor
- The person who creates a trust and voices the instructions to the
trustee. (The borrower.)
Truth-in-Lending Law -
Common name given to the National Consumer Credit Protection Act.
Requires lenders to make credit disclosures to individual borrowers for
certain types of loans. (Regulation Z)
U
Undivided Interest -
The interest of co-owners in which
individual interest is indistinguishable. (Everyone owns part of the
whole property.)
Undue Influence -
Occurs when a person in a fiduciary capacity or in a position of
authority misuses the trust or power in order to unfairly induce a party
to enter into a contract.
Unencumbered Property -
Property that is free and clear of any liens.
Unities
- Joined in one; for example, in order for a joint tenancy to exist four
unities are necessary (1) time, (2) title, (3) interest and (4)
possession. (TTIP)
Unity of Possession -
The right of each tenant to the possession and use of the whole
property. (Joint tenants and tenants in common.)
Unity of Time -
States that the joint tenancy interests of the joint tenants must have
been acquired at the same moment.
Unity of Title -
States that the joint tenancy interests were created in a single
conveying instrument.
Unsecured Loan -
A loan made on the signature and credit of the borrower, not secured by
collateral. Credit card. (Debenture)
Urban Renewal -
The acquisition of certain areas by government action for the purpose of
redevelopment.
Usury
- Charging more than the legal rate of interest for the use of money.
V
VA Mortgage -
(GI Mortgage) Mortgage guaranteed by
Veterans Administration.
Valid Contract -
A binding agreement containing all of the essential legal elements.
Valuable Consideration -
Anything of value offered as an inducement. (Money, ring, boat, etc.)
Variable Interest Rate Mortgage (VRM) -
The interest rate charged by the lender
varies according to some index not controlled by the lender.
Variance
- A type of safety valve to allow a property owner, who is unfairly
burdened by zoning restrictions, to find relief.
Vendee
- Purchaser in a contract for deed.
Vendee's Lien -
Held by the purchaser for the purchase price paid if the seller defaults
on the delivery of the deed.
Vendor
- Seller in a contract for deed.
Vendor's Lien -
The amount of the purchase price still due to the seller.
Veterans Administration (VA) -
An agency of the federal government
created to provide a loan guaranty program which enables qualified
veterans to finance real estate purchases with a higher loan-to-value
ratio than is normally possible with conventional financing.
Voidable Contract -
An agreement in which one or more of the parties may elect to avoid or
to ratify the legal obligations created by the contract. Minor, someone
under duress.
Voluntary Alienation -
The transfer of title by a deed.
Voluntary Lien -
An encumbrance placed on property through some willful act of the owner.
W
Warranty Deed -
A deed in which the grantor makes formal
assurance as to quality of title.
Water Rights -
The right of a landowner to water adjoining or passing through property.
Water Table -
The distance from ground level to natural groundwater.
Wear and Tear -
The lessening in value of an asset due to ordinary and normal use.
Will
- A legal declaration in which a person disposes of property to take
effect upon his or her death.
Wrap-around Mortgage -
A junior mortgage which provides an owner additional capital without
refinancing the first mortgage. (The original mortgage is not disturbed)
Writ of Execution -
A court order to an officer to carry out judicial decree.
Y
Yield -
The interest earned by an investor on the investment.
Z
Zoning -
A police power device which allows for legislative division of space
into districts and imposition of regulation prescribing use and
intensity of use to which land within each designated district may be
put.
Zoning Ordinance -
A zoning law passed by a local government which consists of a text of
regulations and a map.
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