A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

T

Tax sale	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

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

Real Estate Contracts >The Sales Price

After your search for a house and all the negotiations are over, you arrive at the the sales price. Finally, you feel some certainty about your bottom line. However, it is not unusual for there to be disagreements about what is included in the sales price. Careful drafting of the paperwork can help to avoid future disputes.

The following definitions may help. Real property is land and any permanent attachments, such as buildings, landscaping and fences. Personal property consists of movable possessions, such as furniture and clothing. A fixture is defined as an item of personal property which has become part of the real property by virtue of becoming permanently attached, such as a new sink, a Jacuzzi, or a chandelier.

The principal area of dispute about the sales price often relates to fixtures. Most preprinted real estate contracts will provide space for the fixtures to be listed. Whether you are selling or buying, you should make use of this space. Do not assume curtains, satellite discs, antennas or fireplace equipment come with the house. You should also make it very clear what you don't want left on the property. If you are specific about every item that may be questionable, you will greatly reduce the chances of a dispute after the closing.

	See All Tips In The "Real Estate Contracts" Category >
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Real Estate Trivia

Q	On what famous American street can you find the most expensive retail space for rent anywhere in the world?
A	Fifth Avenue, New York City, U.S.A. offers retail space for rent at the rate of $580 per square foot.
See More Real Estate Trivia >

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Karen Angona Century 21/Prestige Properties 255 W. Foothill Blvd. Suite 100 Upland, CA 91786 Direct Line: 909-920-4625 Cell: 909-732-3910 Fax: 909-982-8610 Email: karen@karenangona.com Karen Angona is a top-producing associate-broker with Century 21/Prestige Properties. If you choose Karen, you will have the advantage of a sales person with 25 years real estate experience in the Inland Empire as well as individualized, quality service. Karen stays informed with the technological and real estate market changes. She loves the Foothill Communities area that is nestled at the base of Mount Baldy and The San Bernardino National Forest. Karen has a unique combination of experience and enthusiasm, which she shares with her clients. Her motto is "Call Karen and Start Packing. License#0401984

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