Glossary of Terms
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(1) Annexing a lien to one superior to it in order to gain the priority of the superior lien and defeat an intermediate lien. Generally not allowed.
(2) Annexing periods of possession to add up to enough time for successful adverse possession. For example: A begins adverse possession, A dies and A's son takes up possession, adding A's time to his own. Not always allowed.
TAKE OUT COMMITMENT
Agreement by a lender to place a long term (take out) loan on real property after completion of construction.
The assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.
(1) Deed from tax collector to governmental body after a period of non-payment of taxes according to statute.
(2) Deed to a purchaser at a public sale of land taken for delinquent taxes. The purchaser receives only such title as the former owners had, and strict procedures must be followed to prevent attachment of prior liens.
TENANCY IN COMMON
An undivided ownership in real estate by two or more persons. The interests need not be equal, and, in the event of the death of one of the owners, no right of survivorship in the other owners exists.
TANANT AT WILL
One who holds possession of premises by permission of the owner or landlord but without agreement for a fixed term of possession.
TERRA COTTA LUMBER
Very porous earthenware, which can hold a nail and be cut without breaking or shattering.
A concept of ownership increasing in popularity as real estate prices rise. The purchase of an undivided interest (usually in a resort area condominium) for a fixed or variable time period. For example: Fifty-two different purchasers buy one condominium; each agrees to possession for one week per year. Costs (taxes, insurance, maintenance, etc.) are shared equally. Possession may be fixed, or by reservation, by lease, license, etc. Some developers provide several projects in different parts of the world, so that a person owning one week in a project in Hawaii could elect to spend that week in a connected project in France or other area.
(1) A measure of weight; two thousand pounds.
(2) A measure of capacity of an air conditioner. One-ton equally twelve thousand British thermal units (B.T.U.'s).
Originally a house in a city as opposed to a country estate. More recently the term is applied to certain types of row houses, whether planned unit developments or condominiums.
State tax on the transfer of real property. Based on purchase price or money changing hands. Check statutes for each state. Also called documentary transfer tax.
Interest bearing U.S. Government obligations sold at a weekly sale. The change in interest rates paid on these obligations is frequently used as the Rate Index of Adjustable Mortgage Loans.
TRUSTEE IN BANKRUPTCY
One appointed by a bankruptcy court, and in whom the property of the bankrupt vests. The trustee holds the property in trust, not for the bankrupt, but for the creditors.
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