REAL ESTATE GLOSSARY # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z Taking: See eminent domain. Tax Impound: Money paid to and held by a lender for annual tax payments. Tax Lien: Claim against a property for unpaid taxes. Tax Sale: Public sale of property by a government authority as a result of non-payment of taxes. Tenancy by the Entirety: A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). Tenancy in Common: A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, his/her interest passes to his/her heirs or devises. Tenant: Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the "lessee." Tenants in Common: See tenancy in common. Tenement: Everything that may be occupied under a lease by a tenant. Term: The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due. Time is of the Essence: A clause, which if included in a contract, makes failure to perform by a specified date a material breach or violation of the contract. Timeshare: An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities, or both, for a specified period and on a recurring basis. Used primarily for selling vacation properties. Title: Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Title Company: A company that insures title to property through title insurance policies Title Insurance: Insurance which protects the lender (lender's policy) or the buyer (owner's policy) against loss due to disputes over ownership of a property. Title Search: An examination of the public records to ensure that the seller is the legal owner of a property and that the title is clean with no liens or other claims against the property making the title defective. Torrens System: A system of land registration in which clear title is established with a governmental authority, which issues title certificates to owners. Town House: A dwelling unit usually with two, three or four floors, and shared structural walls. Transaction Fee: A fee which may be charged each time you draw on a home equity credit line. Transfer Tax: Tax paid when title passes from one owner to another. Trust Deed: Also known as Deed of Trust. The trust deed transfers the title to the property to a trustee--often a title company--who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. Truth-in-Lending Act: Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right to rescission period. # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z