Real Estate Glossary and Dictionary

for Tax Lien T Terms

Find the Meaning of Real Estate Terms related to Tax Liens and Tax Deeds

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Tax and Insurance Escrow - account required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums, funded through monthly contributions by the mortgagor.

Tax Base - The total tax-assessed value of all real property in a particular jurisdiction.

Tax certificate - A certificate of the purchase of land at a tax sale thereof, given by the officer making the sale, and which is evidence of the holder’s right to receive a deed of the land if it is not redeemed within the time limited by law.

Tax deed - Conveys title to property that has been sold by the government because of the non-payment of taxes.

Tax lien - Lien for nonpayment of taxes.

Tax Rate - The rate, normally stated in units of $100, multiplied by the assessed value of property to determine the amount of the property tax due.

Tax sale - Public sale of a property at an auction by a government authority as a result of nonpayment of taxes.

Teaser rate - A low initial interest rate on a mortgage designed to attract borrowers.

Temporary indulgence - A type of forbearance where the lender agrees to a temporary suspension of payment(s), with the full payment of all delinquent amounts at the conclusion of the agreement.

Temporary Injunction - A court order that freezes the status quo for an extended time period, typically until a full court trial on the merits of a case can be held. It often requires posting a bond, although many states' laws waive the bond requirement in cases involving the foreclosure of a home.

Temporary Restraining Order (TRO) - A court order prohibiting the lender from foreclosing until the court can conduct a hearing to consider the issues in dispute.

Tenancy at sufferance - Tenancy established when a person who had been a lawful tenant wrongfully remains in possession of property after expiration of a lease.

Tenancy at will - A license to use or occupy land and buildings at the will of the owner. The tenant may decide to leave the property at any time, but the landlord may evict at will.

Tenancy by the entirety - A form of ownership by husband and wife whereby each owns the entire property. In event of the death of one, the survivor owns the property without probate.

Tenancy for years - Created by a lease for a fixed term, such as six months or three years.

Tenancy from Period to Period - A leasehold, which is automatically renewed for the same term as in the original lease; also referred to as a periodic tenancy or an estate from year to year. Notice needed to terminate.

Tenancy in common (TIC) - Ownership of a property by two or more people, each of whom has an undivided interest. The interests must equal and begin at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Tenancy in severalty - Ownership of property by one person.

Term Mortgage (Straight Term) - A method of financing in which interest only is paid during the time of the loan. At maturity, generally five years or less, the entire principle is due.

Terms - conditions and arrangements specified within a contract

Tier Level - Freddie Mac method of ranking servicers by certain performance criteria. The best ranking is tier 1; the worst ranking is tier 4.

Time is of the Essence - a phrase that, when inserted in a contract, requires that all references to specific dates and times of day noted in the contract be interpreted exactly, in its absence extreme delays might be acceptable.

Time share - A form of property ownership in which a property is held by a number of people, each with the right of possession for a specified time. Time sharing is used most often for vacation properties.

Title - Evidence that the owner of the property is in lawful possession. “Proof of ownership,” in a sense, indicating the accumulation of all rights in property belonging to the owner and others.

Title endorsement - A document issued by a title company to modify the terms and conditions of an original title policy.

Title insurance - An insurance policy that protects the purchaser and lender against loss arising from defects in title.

Title report - A document indicating the current state of title. The report includes information on the current ownership, outstanding deeds of trust or mortgages, liens, easements, covenants, restrictions and any defects.

Title search - An examination of the public records to determine the ownership and encumbrances affecting the property.

TitleTheory State- A state where the lender is considered to be the legal owner of the property. The borrower is deemed to have equitable title to the property. Opposite of “Lien Theory” state.

Topography - A description of surface features of land.

Torrens - A system of registration of land common in Cook County, Illinois, and the State of Minnesota.

Town house - Residence that typically has two or more floors and is attached to similar units. Also known as a “row house” or “brownstone” in different parts of the country. A duplex is, in a sense, two town houses.

Township - A 6-by-6 mile area containing 36 sections each 1 mile square. A division of land in the rectangular survey method of land description.

TSG - Trustee Sale Guaranty.

Trade Fixtures - Personal property used in business which has been annexed to real property and is removable by the owner. (Tenant) If it is not taken by the tenant it becomes the property of the landlord.

Transfer tax - Tax paid to the city, county, state or other government entity upon sale of a property.

Transferability - The ability to exchange goods and services. In real estate legal rights are transferred.

Triple Net Lease - lease in which the tenant is to pay all operating expenses of the property so that the landlord receives net rent, frequently used to mean tenant pays taxes, insurance, and maintenance in addition to normal operating expenses.

Trust - an arrangement whereby property is transferred to a trusted third party trustee by a grantor/trustor, trustee holds the property for the benefit of the beneficiary.

Trust account - A separate bank account maintained by a broker or escrow company to handle all money collected for clients. A broker may not commingle these funds with his own funds.

Trust deed - See “deed of trust.”

Trustee - A party who is given legal responsibility to hold property for the benefit of another party. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. In a deed of trust relationship the trustee holds title for the benefit of the trustor (borrower) and the beneficiary (lender). In the case of a bankruptcy, the trustee is an individual appointed by the bankruptcy court to administer the debtor’s case. The trustee is generally a private citizen. There is a trustee in all Chapter 7, 12, and 13 cases. A trustee is appointed in some Chapter 11 cases.

Trustees Deed - A type of deed issued to the buyer at a foreclosure by the trustee.

Trustee’s sale - The sale of real property at one of three locations, steps of the county court house, the property itself, or the trustee’s office. The sale will take place at a specified date and time.

Trustees Sale Guarantee - A title insurance policy for the benefit of the trustee handling a foreclosure action.

Trustor - The borrower in a deed of trust relationship.

Truth in Lending Act (TILA) - A federal law requiring that a person applying for credit be given understandable information with regard to interest rates. It may also apply in instances where an existing loan is modified and the debt is increased or the interest rate is changed. (See “Regulation Z”.)

Two-step mortgage - A mortgage in which the borrower receives a fixed rate for a specified number of years (most often five or seven) and then receives a new interest rate based on the terms in the note.

Turnover Order - A court command to a debtor to give title to certain assets to a creditor.

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