Tax Certificate: A certificate usually purchased by the seller from a tax service company. It provides the title company with the certified authority that the taxes on the title are current. It also includes the information necessary to prorate the taxes for purposes of transacting the final conveyance of the property to the buyer.
Tax Lien: A legally imposed lien on property as a claim for a payment of a tax liability.
Temporarily Off Market (TOM): A listed property that has been taken off the market temporarily for any of various reasons such as travel, illness, repairs, etc.
Temporary Housing: Housing that a corporate transferee lives in for a short period of time until permanent housing is found or becomes available.
Tenancy by Entireties: The legal presumption that husband and wife are one person entitling both the title to a property as one person, whereupon by death of one, the other assumes full title.
Tenant: 1) One who possesses real estate through lease; 2) One that holds land by any kind of title.
Tenancy in Common: Shared title by two or more persons who hold individual divisions of the title. Upon death or choosing, they can pass the property to whomever they will it to, without being tied to the other person who holds title.
Termite Inspections: Lenders usually require termite inspections by licensed inspectors prior to lending on a property. The cost of the inspection is usually charged to the buyer unless otherwise stipulated.
Third Party: A term that does not apply to the principal parties involved in a contract, but instead to the party instrumental to the execution of the contract in a property sale, such as the title company.
Third-Party Company: A term used in reference to a relocation company that an employer hires to aid an employee make a work-related move.
Title: 1) A document that provides evidence to property ownership; 2) all the various rights of property ownership that are recognized and protected by law; or 3) legal evidence of a person’s rights to a property.
Title Covenants: An agreement placed in the title upon its conveyance that places legally enforceable restrictions or promises.
Title Defects: Any break in the chain of ownership that impedes upon the right to ownership of a clean title.
Title Examination: See Examination
Title Insurance: Indemnity from any claims or defects of a title granted upon its conveyance.
Title Insurance Company: A company that issues title Insurance.
Title Insurance Policy: An insurance policy that grants indemnity from any claims or defects of a title, which is granted upon its conveyance and subject to the terms of the policy.
Title Plant: A library that houses and stores certified title documents, public records, attorney’s opinions, tax searches, copies and title information that is used by title companies during title searches to verify the authenticity to title. Also known as Abstract Plant.
Title Search: A search through a title’s recorded history for any recorded instruments that affect the authenticity of the title.
Title Searcher: The person conducting a title search.
Trailing Spouse: The spouse of an employee that is being transferred.
Transaction: The entire real estate process, from offer to closing.
Transaction Desk: An e-signature system that allows agents to prepare documents online and send to signers to receive, sign and send documents entirely online.
Transaction Fee: The fixed cost to carry out a transaction, excluding commission.
Transaction Management Fee (TMF): The cost of managing a transaction, charged by listing brokers to sellers.
Transaction Sides: Refers to the parties on either side of a transaction, i.e., buyers or sellers.