Tax Lien - (1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the one owing taxes.
Tenancy in Common - A type of joint ownership of property by two or more persons with no right of survivorship.
Time of the Essence - In a contract, a requirement of punctual performance.
Title - Evidence of a person's right or the extent of his interest in property.
Title Insurance Policy - A policy that protects the purchaser, mortgagee, or other party against losses.
Transaction Broker - A brokerage firm which works with both parties in an effort to arrive at an agreement on the sale or rental of real estate and facilitates the closing of a transaction but doe not have an agency relationship with either of the parties.
Transfer Tax - State tax on the transfer of real property. Based on purchase price or money changing hands. Also called documentary transfer tax.
Trustee - (1) One who is appointed, or required by law, to execute trust. (2) One who holds title to real property under the terms of a deed of trust.
Trustor - The borrower under deed of trust. One who deeds his property to a trustee as security for the repayment of a loan.
Truth-In-Lending - A federal law designed to let borrowers know the exact cost of obtaining credit; a disclosure device.
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