Glossary
T
Tax Sale
Sale of property after a period of nonpayment of taxes.
Tenancy in Common
An estate which exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the “right of survivorship.”
Tenancy by the Entirety
An estate which exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the “right of survivorship.”
Tenancy at Will
A license to use or occupy lands and tenements at the will of the owner.
Tenant
One who is given possession of real estate for a fixed period or at will.
Tenant at Sufferance
One who comes into possession of lands by lawful title and keeps it afterwards without any title at all.
Testate
Where a person dies leaving a valid will.
Tie-in Arrangement
Earnings of improved property credited to earning of the ground itself after allowance made for earnings of improvements.
Title
Evidence that owner of land is in lawful possession thereof; evidence of ownership.
Title Insurance
A policy of insurance which indemnifies the holder for any loss sustained by reason of defects in the title.
Title Search
System of title records provided by state law; it is a system for the registration of land titles whereby the state of the title, showing ownership and incumbrances, can be readily ascertained from an inspection of the “register of titles” without the necessity of a search of the public records.
Torrens Title
A contract where one transaction depends upon another.
Tort
A wrongful act, wrong, injury; violation of a legal right.
Transfer Tax
A tax charged under certain conditions on the property belonging to an estate.
TRIM / TRIM Notice
U
Urban Property
City property; closely settled property.
Usury
On a loan, claiming a rate of interest greater than that permitted by law.
V
Valid
Having force, or binding force; legally sufficient and authorized by law.
Valuation
Estimated worth or price. The act of valuing by appraisal.
Variance
The authorization to improve or develop a particular property In a manner not authorized by zoning.
Vendee’s Lien
A lien against property under contract of sale to secure deposit paid by a purchaser.
Violations
Act, deed or conditions contrary to law or permissible use of real property.
Void
To have no force or effect; that which is unenforceable.
Voidable
That which is capable of being adjudged void, but is not void unless action is taken to make it so.
W
X
Y
Z
Zone
An area set off by the proper authorities for specific use; subject to certain restrictions or restraints.
Zoning Ordinance
Act of city or county or other authorities specifying type and use to which property may be put in specific areas.
