Albany Real Estate | Abbreviations, Terms and Phrases
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Real Estate Abbreviations, Terms and Phrases

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taking
See eminent domain.
tenancy by the entirety
A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states.
tenancy in common
A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, his/her interest passes to his/her heirs or devises. Contrast with joint tenancy.
tenant
Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the "lessee."
tenants in common
See tenancy in common.
tenement
Everything that may be occupied under a lease by a tenant.
term
The actual life of a mortgage, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage.
timeshare
An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities, or both, for a specified period and on a recurring basis. Used primarily for selling vacation properties.
title
The right of ownership of a property.
title company
A company that provides title insurance policies. In Georgia title companies also act as escrow agents, conduct title searches and hold closings.
title insurance
Protection for lenders or homeowners against financial loss resulting from legal defects in the title.
title search
Checks all the records relating to the property to determine whether the seller can sell the property, and can do so free of liens.
title theory state
The system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Georgia is not a title theory state. Contrast with lien theory state.

 
torrens system
A system of land registration (not used in Georgia) in which clear title is established with a governmental authority, which issues title certificates to owners.
townhouse
A dwelling unit usually with two,three or four floors, and shared structural walls. It can be individually owned, a condominium, a cooperative, a planned unit development or a rental property.
transaction fee
A fee which may be charged each time you draw on a home equity credit line.
triple net lease
See net lease.
trust deed
The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee--often a title company--who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.  In Georgia it is more commonly refered to as a deed of trust.
trustee
One who as agent for others handles money or holds title to their land.
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  Burton Realty and Development, Inc.
Office: 706-543-0222 Fax: 706-543-8300
 
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Albany   GA
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