Real Estate Glossary T

Click on the beginning letter of the real estate term to find the definition.

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

Tail: The payment stream and/or balloon payment of an income stream subsequent to another party's right and interest in the income stream. Usually the back half of the payment stream when another party has purchased the front half.

Tenancy in Common: An ownership of real property by two or more persons, each of whom has an undivided interest, without right of survivorship.

Term: A provision of a loan or contract that specifies the length of time the contract is to run.

Time value of money: Concept that addresses the way the value of money changes over a period of time.

Title: Evidence of the ownership of real property.

Title Commitment: A commitment on the part of the insurer, once a title search has been conducted, to provide the proposed insured with a title insurance policy upon closing.

Title Company: Firm examining title to real property and/or issuing title insurance.

Title Defect: Unresolved claim against the ownership of property that prevents presentation of a marketable title. Such claims may arise from failure of the owner's spouse, or former part owner, to sign a deed, current liens against the property, or an interruption in the title records or a property.

Title Insurance: Title insurance can benefit either the payor or the payee. Should the beneficiary suffer any damages due to clouded or false title to real estate, title insurance recompenses the damaged party to the extent of the damages.

Title Policy: An insurance policy that insures a party against loss due to a defective title.

Title Report: Document indicating the current state of the title, such as easements, covenants, liens and any other defects. The title report does not describe the chain of title.

Title Search: An examination of the public records to determine ownership and encumbrances affecting real property.

Trial Balance Printout: A spreadsheet that lists all loans in a portfolio and their payment schedule. Usually required for a portfolio transaction.

Trustee: A person who holds bare legal title to real or personal property for the benefit of another person. A trustee is one of the parties in a trust deed.

Trustee's Deed: A deed issued to the successful bidder at a trustee's sale. A trustee's deed conveys title to the purchaser free and clear, but subject to all senior liens.

Trustee's Sale: A foreclosure sale conducted by a trustee under a trust deed after default.

Trustor: A person who conveys property to a trustee. In a trust deed the trustor is the borrower or debtor.