A sale of real property ordered by the court in
order to raise money to cover delinquent taxes
Tenancy in common
A version of joint tenancy of a property, but
without any right of succession by survivorship among the
owners
Testate
To die having prepared and left a valid
will
Testator
The individual who makes out a last will and
testament
Time is of the essence
A condition in a contract requiring the
completion of a certain act within a designated period of time
Time-share
A form of ownership interest which allows use of
the property only for a fixed or variable period of time
Title
A legal document that evidences a person's
ownership of and right to possess a property
Title insurance
Insurance that protects the owner or mortgagee
against loss arising from disputes over or defects in the title to a parcel of
real estate that arise after ownership has been transferred
Title search
Research into public title records to determine
the current status of ownership of a piece of property; a licensed attorney
must provide any legal interpretation of the records found
Torrens Title
Now a dated system (only used in a few US
states) whereby the court issues a certificate establishing the extent of an
individual's estate, including any exceptions noted
Township
A division of land that is six miles square,
containing 36 square-mile sections
Tract
A specific parcel of land
Transfer of ownership
Any circumstance in which the ownership of a
property changes hands, e.g., via outright, titled purchase, or the assumption
of an existing on a property, or possession of the property via a land sales
trust, even any transfer of a beneficial interest in the trust
Transfer tax
State or local taxes imposed on a transfer of
ownership of real property
Trust
A right to a piece of property that is held for
the benefit of another
Trust deed, or a Deed of
trust
A written document that grants the trustee the
title to a piece of property for the benefit of another, and which gives the
trustee the power to sell, mortgage or subdivide the property
Trustee
A party who holds property for the benefit of
another
Trustee's deed
A deed conveying land ownership executed by the
trustee who holds the land in trust
Trustor
The borrower in a trust loan
transaction
Truth-in-Lending
A federal law that requires disclosure by a
credit institution or lender of the terms and conditions of a loan or mortgage,
including the annual percentage rate and any other charges, to the borrower
when they apply for the loan. Also see Regulation Z
Two-step mortgage
An adjustable-rate mortgage that charges a
below-market interest rate for a designated number of years (usually 5 or 7)
after which the interest rate is adjusted to the current market
conditions
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Foreclosures >1. What Is a Foreclosure?
A foreclosure is a legal process through which a mortgagor loses his or her equitable right to redeem a mortgaged estate; in other words, the lender completely repossesses the home from the borrower (homeowner.) The lender goes through the legal motions to sell the property, terminate all the homeowner’s rights in that property, and remove the homeowner.
What are the effects?
The most stressful and pressing effect that foreclosure has is that the borrower loses his or her place to live.
Foreclosure negatively affects the borrower’s credit rating. It stays on a credit report for seven years and drops a credit score 250 points.
A borrower who’s been foreclosed on may have trouble finding and keeping jobs since good credit may be required by employers to be hired.
A foreclosed home can bring down the value of surrounding homes.
Charlie & Barbara Kaylor RE/MAX Communities The Dream Team 750 Hopmeadow Street Simsbury, CT 06070 Direct Telephone: (860) 392-9280 Office Telephone: (860) 651-6100 Direct Fax: (888) 392-9281 Email: TheDreamTeam@NUMBER1EXPERT.com
Charlie and Barbara Kaylor, The Dream Team, have over 30 years combined residential real estate experience. Charlie, Broker-Owner of RE/MAX Communities has been awarded the RE/MAX International Platinum Club status for outstanding sales volume for four consecutive years and is among the elite RE/MAX Hall of Fame recipients. Barbara's innovative marketing and promotional material has been recognized as the best in the area. The Dream Team is an enthusiastic, knowledgeable and dedicated team of professionals with a genuine love for The Farmington Valley. They have two elementary school aged children and are deeply involved in their community. Partners in business and in life, The Dream Team is the best choice to help you with all of your real estate needs. Please visit www.CTDreamTeam.com to learn more about The Dream Team and the beautiful Farmington Valley area. Don't miss the 40 testimonials from their clients!
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