| Term | Definition |
|---|
| 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. |
| torrens system | A system of land registration 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. 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. Sometimes refered to as a deed of trust. |
| trustee | One who as agent for others handles money or holds title to their land. |
| underwriting | The process of verifying data and approving a loan. |
| unlawful detainer | An eviction lawsuit. |
| usufruct | The right to use property--or income from property--that is owned by another. |
