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tacking:
adding or combining successive periods of continuous occupation of real property
by adverse possessors.
tax basis:
the amount on which future gain is measured.
tax credit:
the amount on which tax owed is reduced directly.
tax lien:
the rate at which real property is taxed in a tax district of country.
tax sale:
a court-ordered sale of real property to raise money to cover delinquent taxes.
tax shelter:
a legal means by which an investor may reduce or defer payment of part of his or
her federal income tax.
tenancy at sufferance:
the tenancy of a lessee who lawfully comes into possession of a landlord’s real
estate but who continues to occupy the premises improperly after his or her
lease rights have expired.
tenancy at will:
an estate that gives the lessee the right to possession until the estate is
terminated by either party.
tenant:
one who holds or possesses lands or tenements by any kind of right or title.
testate:
having made and left valid will.
timesharing:
a form of ownership where permission is given to use certain property for
certain intervals of time.
title:
the right to or ownership of land.
title commitment: a statement of the terms and conditions on which a title insurance
underwriter is willing to issue a title insurance policy.
title search:
an examination of the public records to determine what, if any defects there are
in the chain of title.
title theory:
some states interpretation of a mortgage to mean that the lender is the owner of
mortgaged land.
township line:
lines running at six-mile intervals parallel to the base lines in the
rectangular survey.
township tier: a strip of
land running east and west in the government survey system.
trade fixture:
article installed by a tenant under the terms of a lease are removable by the
tenant before lease expires.
trigger terms:
specific credit terms such as down payment, monthly payment, the amount of
finance charges, trigger full disclosure of all financing terms under Regulation
Z.
trust:
a fiduciary arrangement whereby property is conveyed by a trustor to a person or
institution called a trustee.
trust deed:
a deed of trust.
trustee’s deed:
a deed executed by a trustee conveying land held in a trust.
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