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Take out loan - A permanent mortgage loan which a lender agrees to make to a borrower upon completion of improvements on the borrower’s land. The proceeds of the loan are used principally to pay off the construction loan.

Tax deed - The deed given to a purchaser at a public sale of land for nonpayment of taxes. It conveys to the purchaser only such title as the defaulting taxpayer had and does not convey good title to that extent unless statutory procedures for the sale were strictly followed.

Taxpayer - Also called the Exchanger. The taxpayer has property and would like to exchange it for new property. While all parties in an exchange are theoretically taxpayers, this term applies to the party who expects to receive tax-deferred treatment under Section 1031.

Tenancy by the entirety (or entireties) - A survivorship estate in land permitted in many states that may only vest in a husband and wife. The couple must receive title in the same conveyance, beginning at the same time, and with undivided possession. If either the husband or wife dies during the estate, title vests in the survivor. In a tenancy by entireties, the husband and wife together are treated as one entity. Both are required to act.

Tenant - One who has right of possession of land by any kind of title.

Tenants in common - Ownership of an interest in land by two or more persons with distinct titles, but with unity of possession.

Testament — Another term for a will. Commonly referred to as "last will and testament."

Testate - Having made a will. One who makes a will is known as the “testator” or “testatrix.” See also heir and intestate.

Testator — A man who makes or has made a testament or will.

Testatrix — A woman who makes or has made a testament or will.

Time share ownership - A technique for dividing the title to a commercial property or a vacation home among many different owners, with each owner acquiring the right to occupy the premises during a specified portion of each year.

Time share unit - An interest in a residential or commercial property which by contract or by conveyance of a real property interest allows a purchaser to occupy the unit during a particular week or weeks for a stated number of years.

Time span ownership - A time share estate where the unit purchaser is deeded an undivided percentage interest in the unit as a tenant in common with all other purchasers and the right to occupy the unit for a particular time period is governed by contractual provisions of the time share declaration.

Title - A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest therein.

Title covenants - Covenants customarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received.

Title defect - Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership

Title insurance policy - A contract of title insurance under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.

Title Plant — The total facilities — records, equipment, fixtures, and personnel — required to function as a title insurance operation. Technically, the organization of official records affecting real property into a system which allows quick and efficient recovery of title information.

Title search - A review of all recorded documents in the land records relating to a particular piece of real property to determine the present condition of title.

Torrens system - A governmental title registration system. Certificates of title are issued by the Registrar of Title to landowners as evidence of their title to land.

Township — A division of territory six miles square, containing 36 sections or 36 square miles.

Tract - A lot or parcel of land.

Transaction Costs - Any cash paid by way of commission or other expense in an exchange. Qualified transaction costs are deducted in computing the consideration received.

Trust - A right of property held by one party (the trustee) for the benefit of another (the beneficiary).

Trustee — A person holding property in trust as a fiduciary for the benefit of another.

Truth-in-lending - The federal Truth in Lending Act, 15 U.S.C. Sec. / 1601, et seq., governs the disclosure of information related to certain consumer financial transactions and requires those in the lending business to make the disclosures to their individual borrowers.