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Real Estate Glossary of Terms

Begins with Contains Exactly matches

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Term Definition
Tax and Insurance Escrowaccount required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums, funded through monthly contributions by the mortgagor
Tax Liena debt attached to the property for failing to pay taxes
Teaser Ratecontract interest rate charged on an adjustable rate mortgage for the initial adjustment interval that is significantly lower than the fully indexed rate at the time
Termsconditions and arrangements specified within a contract
Time is of the Essencea phrase that, when inserted in a contract, requires that all references to specific dates and times of day noted in the contract be interpreted exactly, in its absence extreme delays might be acceptable
Titleevidence of ownership, evidence of lawful possession
Title Defectan unresolved claim against the ownership of property, prevents seller from providing buyer clear title to the property
Title Insurancean insurance policy that protects the holder from loss sustained by defects in the title
Title Searchan examination of the public records to determine the ownership and encumbrances affecting real property
Title Theory Statethe system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Texas is not a title theory state. Contrast with lien theory state.
Triple Net Leaselease in which the tenant is to pay all operating expenses of the property so that the landlord receives net rent, frequently used to mean tenant pays taxes, insurance, and maintenance in addition to normal operating expenses
Trustan arrangement whereby property is transferred to a trusted third party trustee by a grantor/trustor, trustee holds the property for the benefit of the beneficiary
Trust Deedconveyance of real estate to a third party to be held for the benefit of another, commonly used in some states in place of mortgages that conditionally convey title to the lender, same as Deed of Trust
Trusteeone who holds property in trust for another to secure performance of an obligation, the neutral party in a trust deed transaction.

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