Glossary

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tenancy in common

A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, that interest passes to the deceased's heirs.

term

The actual life of a mortgage, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage.

time is of the essence

A clause, which if included in a contract, makes failure to perform by a specified date a material breach or violation of the contract.

title company

A company that provides title insurance policies. Most title companies also act as escrow agents, conduct title searches and hold closings.

title insurance

A policy of insurance that provides protection to lenders and/or owners against financial loss due to defects in the title to the property or the priority of the insured mortgage.

title search

The research of the records relating to the property to determine the status of title.

treasurer

A local government official who is responsible for the collection of taxes on behalf of the governmental entity.

trust

A legal device used to manage real or personal property, established by one person (grantor or settlor) for the benefit of another (beneficiary).

trust agreement or declaration of trust

The legal document that sets up a trust.

trustee

The person or institution that manages the property put in trust.

trustor

The person or institution that creates a trust.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.