*gire* Georgia Real Estate Words T_W

Front 1

Tacking

Back 1

The process of combining successive periods of continuous occupation of real property by different adverse possessors in order to establish the required statutory period of continuous possession. Usually limited to blood relatives.

Front 2

Take-out commitment

Back 2

A lender's commitment to a contractor that permanent financing will be available to pay off a construction loan when the building is completed.

Front 3

Tax certificate

Back 3

A document which entitles the successful bidder in a tax sale to receive a deed after the original owner's period of redemption has ended.

Front 4

Tax deed

Back 4

A deed used to convey title to property sold by the government for nonpayment of taxes.

Front 5

Tenant

Back 5

One who leases or rents property from a landlord. Also called lessee.

Front 6

Tender

Back 6

An unconditional offer to perform under the terms of a contract. If the party to whom tender is offered does not perform; the other party usually enters a suit for damages or specific performance and files a legal notice of lis pendens.

Front 7

Testate

Back 7

To die leaving a valid will.

Front 8

Testator

Back 8

A person who executes a will.

Front 9

Thrift institutions

Back 9

Savings and Loan Associations and Savings Banks.

Front 10

Tie-in

Back 10

A contract provision which obligates the buyer when reselling to list the property for sale with a specific broker. This business practice is considered in restraint of trade.

Front 11

Time deposits

Back 11

A bank's savings deposits that may be used to finance real estate pledged as security for the debt.

Front 12

Time is of the essence

Back 12

A contract provision which makes it essential that all time limits in the agreement be strictly met.

Front 13

Title

Back 13

The evidence of ownership of real property.

Front 14

Title insurance

Back 14

Insurance which protects either an owner or mortgagee (lender) against losses arising from title defects except those specifically excluded in the policy.

Front 15

Title theory

Back 15

The legal position adopted by some states holding that a mortgage conveys title to the lender. Upon payment of the debt; the mortgage is defeated and all full rights of ownership are restored to the borrower.

Front 16

Topographic map

Back 16

A map that shows the elevations of the earth's surface. Also called a contour map.

Front 17

Topography

Back 17

The nature or shape of the earth's surface; such as hills; valleys; level; or rolling. Also called contour.

Front 18

Torrens certificate of title

Back 18

A registered title which lists the property owner and all adverse legal claims; liens; or encumbrances.

Front 19

Torrens system

Back 19

A system of title registration which lists the property owner and all adverse legal claims; liens; and encumbrances on a certificate issued and recorded by a public official. The current condition of title can be determined from the certificate without the traditional search through the public records.

Front 20

Township

Back 20

A parcel of land in the rectangular survey system that is six miles square.

Front 21

Tract index

Back 21

A public recording system which assigns a map reference number to each parcel of land in the county. By locating a parcel on the map; the reference number will guide a title examiner to a page which lists the book and page numbers of all recorded documents relating to that particular parcel.

Front 22

Trade fixture

Back 22

An item of personal property attached to the land or building leased by a tenant who uses the item in their trade or business.

Front 23

Trust account

Back 23

A separate account which a broker must maintain for the deposit of all funds coming into his/her possession that belong to others. Before a broker's license will be issued; the broker must authorize the Commission to examine the account at any time.

Front 24

Trust account journal

Back 24

A bookkeeping system which accounts for all trust fund deposits and disbursements. The journal must show the name of the parties; amount of money received; date deposited; property address; and details of all disbursements.

Front 25

Trust deed

Back 25

A deed used in some states in lieu of a mortgage. Title is held by a trustee on behalf of a lender (beneficiary) until the borrower (trustor) repays the loan.

Front 26

Trustee

Back 26

A neutral third party who holds title on behalf of a lender until the debt is paid.

Front 27

Trustee's deed

Back 27

A deed which; when properly executed and delivered by a trustee; conveys title to real estate held in trust.

Front 28

Trustor

Back 28

Borrower who executes a trust deed.

Front 29

Truth-in Lending Law

Back 29

Federal law which requires a lender to disclose the exact cost of credit on certain loans so the borrower can compare costs from other credit sources before committing to take the loan.

Front 30

Undue influence

Back 30

Using a position of trust and confidence to take unfair advantage of another person in order to obtain a contract.

Front 31

Unearned increment

Back 31

An increase in value due to no effort on the part of the owner.

Front 32

Unenforceable contract

Back 32

A contract which does not entitle the parties to seek legal remedy upon default because it fails to meet some legal requirement; such as the statute of frauds or statute of limitations.

Front 33

Uniform settlement statement

Back 33

A pre-printed form on which RESPA requires the lender of certain loans to itemize all settlement charges.

Front 34

Uniform vendor and purchaser risk act

Back 34

A law in some states that places the burden of loss on the seller if the property is destroyed or substantially destroyed after a sales contract is signed but prior to closing.

Front 35

Unilateral contract

Back 35

A contract involving the promise of only one party in exchange for an act or forbearance of another. Only the party making the promise is obligated to perform.

Front 36

Unilateral rescission

Back 36

When one party to a contract defaults; the injured party notifies the defaulting party that the contract is terminated and offers to return all consideration received. The injured party is then entitled to a return of any consideration paid.

Front 37

Unit-in-place

Back 37

A method of estimating the current cost of reconstructing an improvement by estimating the cost of each component part (foundation; walls; roof; heating system; etc.) in place.

Front 38

Universal agent

Back 38

One who has the authority to perform any lawful act the principal could perform him/herself. An agent who has authority without limitations; usually granted by a general power of attorney.

Front 39

Unlawful detainer

Back 39

A legal action which puts a tenant on notice to pay the past due rent or move out. If the tenant refuses to do either; the landlord can then obtain a court order directing the sheriff to forcibly remove the tenant from the leased premises.

Front 40

Usury

Back 40

The legal limit of interest imposed by state laws; does not apply to VA and FHA loans.

Front 41

Utility

Back 41

The ability of a property to fill a need or create a desire.

Front 42

Utility value

Back 42

Value to an owner or user of property; a subjective value based upon the ability to use or enjoy a property.

Front 43

VA guaranteed loan

Back 43

A mortgage loan where the VA guarantees a lender against loss at foreclosure up to a certain amount for a qualified veteran.

Front 44

Valid contract

Back 44

A contract that contains all the essential elements of a contract. To be enforceable it must also be in writing as required by the statute of frauds in each particular state.

Front 45

Valuable consideration

Back 45

Money or anything of a monetary value; such as property; service; or a forbearance; when received as a benefit by one party resulting from a detriment suffered by another.

Front 46

Value

Back 46

The amount a property will bring on the open market.

Front 47

Variance

Back 47

Authorization from a zoning board; or similar body; for a property owner to deviate from the existing required use of land. This right is generally granted only to property owners who are successful in demonstrating that the required zoning creates a hardship and normally within the same zoning classification.

Front 48

Vendee

Back 48

A buyer.

Front 49

Vendee's lien

Back 49

A buyer's lien against the property of a seller who defaulted on a contract to sell.

Front 50

Vendor

Back 50

A seller.

Front 51

Vendor's lien

Back 51

Also known as a purchase money mortgage or seller's lien. When a seller finances part of the purchase price and the purchaser pledges the property as security for the debt; the seller holds a vendor's lien against the property.

Front 52

Vested remainder

Back 52

A nonpossessory estate created when a fee simple owner grants a lesser estate and designates another person to take possession of the fee simple estate upon termination of the lesser estate.

Front 53

Void contract

Back 53

A contract which has no legal effect because one or more essential elements of a contract is not present. A void contract; under the law; never existed.

Front 54

Voidable contract

Back 54

A contract that appears valid and enforceable on its face; but is subject to recision by the party or parties acting under a disability.

Front 55

Voluntary alienation

Back 55

A transfer of title to real property initiated by the owner.

Front 56

Voluntary lien

Back 56

A lien recorded with the owner's consent. One created by agreement.

Front 57

Warehousing

Back 57

A loan correspondent's practice of holding mortgages in his/her own name until they can be assembled into a package of loans and sold to an investor. The lender usually has a warehouse line of credit at a bank; against which the warehoused mortgages are pledged until they are sold in the secondary mortgage market; and the warehouse line of credit is replenished.

Front 58

Warranty deed

Back 58

A deed which guarantees good title through the expressed or implied covenant of seizing covenant against encumbrances; covenant of quiet enjoyment; covenant of warranty forever; and the covenant of further assurances. Depending on the extent of the grantor's liability; the deed may be either general or special.

Front 59

Waste

Back 59

Willful misuse; destruction; or neglect of real estate by a person rightfully in possession that results in a decrease in value of the premises; to the detriment of another person who holds a future right of possession. ( e.g.; Life Tenant and Reversionary Estate or Remainder Estate; Lessee and Lessor.)

Front 60

Water rights

Back 60

A landowner's rights to use and enjoy water adjacent to; underneath; or on his/her land.

Front 61

Water table

Back 61

The level at which percolating water is found below the earth's surface.

Front 62

Wraparound mortgage

Back 62

A junior mortgage which includes the amount of any existing loan(s) plus the balance of the seller's equity after deducting the buyer's downpayment. The holder of the wraparound continues to make payments on the existing loan(s).

Front 63

Writ of execution

Back 63

"A court order directing the sheriff to seize and sell enough of a debtor's property to satisfy a judgment and to pay expenses of the sale. Also referred to as ""levying upon"" the debtor's property."