| TENANCY IN COMMON | An estate or interet in common. |
| TENANCY IN COMMON | An estate or interest in land held by two or more persons each having equal rights of possession and enjoyment but without any right of survivorship between the owners. |
| TENANT | Any person in possession of real property with the owner's permission. |
| TENANT IN COMMON | Two or more persons own the property with no right of survivorship. If one dies, his interest passes to his heirs, not necessarily the co-owner. Either party, or a creditor of one, may sue to Partition the property. Compare, Tenants by the Entirety, Joint |
| TENANTS BY THE ENTIRETY | A husband and wife own the property with the common law right of survivorship so, if one dies, the other automatically inherits. One may not sue the other to Partition the property. A creditor of one may not claim the property or the proceeds of sale. |
| TESTAMENT | Another term for a will. Commonly referred to as "last will and testament." |
| TESTATE | To die with a Will. Compare, Intestate. |
| TESTATOR | One who makes out a last will and testament. The feminine form is Testatrix. |
| TESTATRIX | A woman who makes or has made a testament or will. |
| TITLE | A formal document which establishes ownership of a property. |
| TITLE COMPANY | A company that specializes in title searches and insuring title to property. |
| TITLE DEFECT | Any legal right held by others to claim property or to make demands upon the owner. |
| TITLE INSURANCE | Insurance that provides an INDEMNITY against loss or damage as a result of defect in title ownership to a particular piece of property. Title insurance covers mistakes made during a TITLE SEARCH as well as matters which could not be found or discovered in |
| TITLE SEARCH | An examination of the public records, including court decisions, to disclose facts concerning the ownership of real estate. The title examiner prepares an ABSTRACT and the title agent prepares a BINDER but decisions regarding the legal sufficiency of titl |
| TORRENS TITLE | A system whereby, after court proceedings, a certificate is issued setting forth the extent of the applicant's estate in land subject to the exceptions shown. Most popular in the early 1900's, the system was adopted in 19 states. It is presently used only |
| TOWNSHIP | A division of territory 6 miles square, containing 36 sections of 36 square miles. |
| TRACT | A particular parcel of land. |
| TRANSFER TAXES | Taxes imposed by local governments when transferring ownership of real property.g |
| TRUST | A right to or in property held for the benefit of another. A trust may be written or implied. An implied trust is called a Constructive Trust. |
| TRUSTEE | One who holds property in Trust for another. In Virginia, you may hold title to real property as Trustee without revealing the Beneficiary's identity provided, the Deed you receive grants you full trust powers to deal with the property. |
| TRUTH-IN-LENDING | A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the APR and other charges. |
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