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

Financing Your Home >Owner Financing

If you are selling a house in which you have a lot of equity, and you don't need that equity to buy a new home, an owner-financing agreement may benefit you and your buyers.

Seller financing arrangements usually involve the buyers securing the largest portion of their purchase money from a mortgage company and getting a smaller second loan from the sellers. For example, they may finance 75% from a lender, put in 15% from savings, and ask the sellers to finance the remaining amount. The terms and interest rates on seller carry-backs are negotiated on a case-by-case basis.

Sellers may be able to negotiate a note that provides a better return on their money than 1-to-5 year CD's or treasury notes. They should ensure that the note protects them to the fullest. Use common sense when considering such a loan, and verify the buyers' income, credit history, and job stability before making your final decision.

	See All Tips In The "Financing Your Home" Category >
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Real Estate Trivia

Q	What is the world's longest frontier?
A	At 3,987 kilometers (3,987 miles), the border between Canada and the U.S. is the longest in the world.
See More Real Estate Trivia >

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Valerie Core Capstone Homes Realty 532 W. Wulfenite Rd Flagstaff, AZ 86001 928-607-4344 Fax: 928-779-0815 valeriecore@NUMBER1EXPERT.com Regardless of how many homes I sell I never cease to feel satisfaction of providing only the highest levels of service and integrity to my clients. I will work hard to find the home that fits your needs in everyway, as well as protecting your interests when you find it time to sell a property. The happiness of knowing that I am making the Real Estate Process an enjoyable one for my clients is obviously true source of my satisfaction that drove my decision to focus my energy in the Real Estate industry.

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