Real Estate Glossary
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testaterefers to the status of a deceased and their estate when a will exists. When a person dies with a will, they are said to die testate. | |
testatoris the man who makes a will, testatrix if a female. | ||
time-shareis a form of ownership that allows access or occupancy for only a designated or specific time period. | |
titlerights of an owner to an estate or real property. A record that establishes the rights of ownership. | |
title insuranceis purchased by mortgage companies or lenders when securing a loan to insure that the title is free from reasonable doubt as to who the true owner is; free from the probable claims of others. Real estate professionals should advise their clients that the insurance issued at closing is for the benefit of the lender not the homeowner. A separate policy would be required to be purchased for the homeowner. | |
title searchthe process of verifying the ownership of real estate. | |
Title theoryThe mortgagor actually gives legal title to the mortgagee and retains equitable title. | |
Title VIII of the Civil Rights Act of 1968Protections against discrimination against classes of race, color, religion, or nation origin. Federal prosecution was also added when threats, force, or violence was used against a protected class or persons seeking to help those individuals. Title VIII is commonly known as the Fair Housing Act. | |
Torrens systemsystem for the registration of real estate which requires the issuance of "certificate of title" by the government that conclusively establishes the property’s ownership. It is available in only a handful of states – Georgia being one of them – however, it is rarely used. | |