Words, Phrases & Definitions



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T

Takeout Loan - A long term loan replacing a short term interim construction loan.

Tax Deed - A deed issued to a purchaser following a sale necessitated by the non-payment of real property taxes.

Tax Sale - Sale conducted for the purpose of collecting delinquent taxes assessed to a parcel of real property.

Tax Search - An examination of the public records of taxing authorities to determine the tax status of a parcel of real property.

Tenancy by the Entirety - A form of co-ownership by husband and wife, characterized by the inability of one spouse alone to convey or encumber and by the incident of survivorship.

Tenancy in Common - A form of co-ownership of property by two or more persons in undivided interests.

Tender - An unconditional offer to pay a debt or to perform an obligation.

Tenements - All rights in land passing with a conveyance thereof.

Tentative Map - A proposed subdivision map required to be submitted to and approved by the local government agency before approval of a final subdivision map.

Tenure - The mode or manner in which a title to land is held.

Term - The time duration of a lease or of a loan also, any provision of a contract or lease.

Terminable Interests - Interests enduring for a limited period of time.

Termite Report - A report of an inspection for wood-destroying pests by a person licensed by the state.

Testament - True declaration of a person's last will.

Testamentary Trust - A trust created by the last will and testament of a decedent.

Testator - One who died leaving a will.

Testimonium Clause - The concluding clause of an instrument beginning with the words: "In witness where-of..."

Tie - A survey connection from a point of known position to a point whose position is desired. A tie is made to determine the position of a supplementary point whose position is desired for mapping or reference purposes, or to close a survey on a previously determined point. To "tie in" is to make such a connection. The point to which the connection is made is termed a tie point.

Tie Point - Point of closure of a survey either on itself or on another survey.

Tied - As used in surveying, monuments are tied together by measurements. A property corner is tied to offset monuments or to other property corners.

Tier - A row of townships running east and west parallel to and north or south of a designated base line.

Time Is Of The Essence - Clause in a contract indicating punctual compliance is required.

Title - The sum total of a person's right or the extent of his/her interest in real property.

Title Insurance - Assurance of indemnification for loss occasioned by defects in the title to real property or to an interest therein which is insured.

Title Plant - The records of a title company assembled and maintained for the purpose of issuing title insurance on real property.

Title Policy - A contract indemnifying against loss resulting from a defect in the title to the interest or lien in real property insured.

Title Search - The assembled links required to complete a chain of title to a parcel of real property.

Toll - To bar; to defeat.

Toll the Statute - To stop or interrupt the running of a statute of limitation.

Topography - The nature of surface of land, e.g., level, rolling, mountainous.

Torrens - A system of registration of land title no longer lawful in California but utilized in some other states.

Township - A normally square shaped subdivision of public lands containing 36 sections uniformly numbered starting with the northeast section.

Tract - A parcel of land divided into smaller parcels called lots.

Trade Fixtures - Articles of personal property, fastened to real property necessary to carry on a trade or business.

Trade Name - The name under which an organization does business.

Transfer Tax - A tax imposed upon transfers of title to real property.

Trust - A fiduciary relationship in which a trustee holds title to property for the benefit of a beneficiary.

Trust Deed - Same as a deed of trust; a three party security instrument conveying title to land as security for the performance of an obligation.

Trustee - The fiduciary holding title to property for the benefit of another.

Trustee's Deed - The deed given by the trustee under a deed of trust when the secured property is sold under power of sale.

Trustee's Sale - Foreclosure sale conducted by the trustee in the exercise of a power of sale.

Trustor - The person conveying property in trust.

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