Real Estate Terms Glossary: T
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Tax Lien
A general statutory lien imposed against real estate property for failure to pay taxes. There are federal tax liens and state tax liens.
Termite Inspection
A specific inspection of the property for damage due to termite infestation.
Third Party
A stranger to the principal-agent contract; the party with whom an agent interacts on behalf of his principal.
Time Is Of The Essence
Legal phrase in a contract, requiring punctual performance of all obligations.
Time Sharing
A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period.
Title
A document that indicates ownership of a specific real estate property.
Title Insurance
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy.
Title Search
An examination of the public records to determine what, if any, defects there are in the chain of title.
Townhouse
A type of dwelling unit normally having two floors, with the living area and kitchen on the base floor and the bedrooms located on the second floor.
Township
A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres.
Transaction Coordinator
A real estate licensee who acts in a strictly non-agency capacity while working with buyers or sellers. No traditional agency-related services are involved such as the providing of advice, advocacy, or negotiation.
Transfer Of Ownership
Any means by which the ownership of the real estate changes hands.
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