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Real Estate Agent Dictionary

Bookmark this page as a resource for real estate terms. 

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T

TACKING An-adverse possessor has passed his rights to another and his time of possession counts for the new possessor.


TAX DEED A deed given where property has been purchased at a sale to the public of property for nonpayment of taxes.


TAX LIEN A government claim for unpaid real estate tax.


TAX SALE A sale of property, usually at auction, for nonpayment of taxes assessed against it.


TEMPORARY CONSTRUCTION A building suitable and appropriate to fill a need for a short period (5 years or less) without regard to level of maintenance, the designs and details of which provide a minimum facility with maximum initial economy.


TENANCY IN COMMON Co-ownership of real property by two or more persons, each entitled to possession according to his proportionate share. Unlike joint tenancy, there is no right of survivorship. See also JOINT TENANCY, TENANCY BY ENTIRETY, RIGHT OF SURVIVORSHIP.


TENANCY BY THE ENTIRETY Joint ownership by husband and wife, created by conveyance to husband and wife, who possess the property jointly.


TENANT One who holds or possesses land or tenements by any kind of title, either in fee, for 'life, for years, or at will.

TENANT AT SUFFERANCE One who comes into possession of lands by lawful title but keeps them afterwards without any title, after his interest has ended.


TENURE IN LAND The mode or manner by which an estate in lands is held.


TERM The extent of time for which an estate is granted. For example, the period which is granted for the lessee to occupy the premises; it does not include the time between making the lease and the tenant's entry.


TERMINATION End of a lease or contract, usually before the anticipated time; termination may be by mutual agreement or by exercise of one party of a legal remedy due to default of the other party.


TERMINATION FOR CAUSE Termination of an outgrant because of the lessee's violation of a condition of the grant.


TERMINATION AT WILL Termination of an outgrant at will by the lessor. All Army outgrants may be terminated at will.

TESTATE The condition of one who leaves a valid will at their death.


THREATENED SPECIES Plants and animals likely to become endangered species, as listed by the Department of Interior, within the foreseeable future and throughout a significant portion of their ranges.


TIMBER MANAGEMENT Production and identification of salable wood products from forests on a sustained yield basis: sawtimber, pulpwood, poles, ties, posts, piling, and other products.


TIME IS OF THE ESSENCE One of the essential requirements to the forming of binding contract; it contemplates a punctual performance.


TITLE The right to or ownership of lands. Also, the evidence of ownership. Title to property encompasses all the bundle of rights an owner possesses.


TITLE INSURANCE Indemnity against loss or damage resulting from defects in or liens on a title at the date of the insurance.


TOPO (GRAPHIC) MAP A map showing physical features and relative elevations of the area surveyed. The elevations are graphically depicted by contour lines.


TOWNSHIP A territorial subdivision, six miles long, six miles wide, and containing thirty-six sections, each one mile square.


TRACT An area of land contained in one description.


TRACT I OWNERSHIP DATA A historical record of a particular tract of land, confirmed by the owner or someone familiar with the land and recorded on ENG Form 900.


TRADE FIXTURES Articles of Personal property annexed to real property but which are necessary to the carrying on of a trade and are removable by the owner.


TRANSFER Change of jurisdiction over real property from one Federal agency or department to another, including military departments and defense agencies.


TRUE POINT OF BEGINNING The point from which a legal description of property begins and ends.


TRUST DEED OR DEED OF TRUST A deed conveying land to a trustee as collateral security for the payment of a debt; upon payment of a debt secured thereby, the deed of trust is released; upon default, the trustee has the power to sell the land and pay the debt.


TRUSTEE One why holds property in trust for another to secure the performance of an obligation.

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