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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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Insurance >Title Insurance for Owners
If you finance your home, the lender will require you to purchase title insurance for the amount of your mortgage. You will be given the option of increasing the coverage to include your equity in the property. The owner's coverage fee is a one-time charge that protects your equity in your new home, including its appreciated value. Most experts agree that the additional coverage is a good idea.
Before your sale is finalized, the title company will inspect the public records and confirm the sellers' ownership of the property. They will look for any liens that may have been filed against the property, and that must be paid off before it can be sold. Even the most careful search, however, cannot guarantee that there was not an error at some point in the transfer of title during the chain of ownership. Title insurance is one of those things you will probably never need, but if you do, you will be very glad you have it!
Leigh Hill Weichert Realtors 142 Main Street Chester New Jersey 07930 Leigh Hill's Cell : 908-256-2364 E-Fax : 1-888-859-0247 E-Mail: leighHill@aol.com
The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her clients. Leigh is responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.
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