Glossary of Terms
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| TENANCY-IN-COMMON | |
| Ownership of land by two or more persons; unlike joint tenancy in that interest of deceased does not pass to the survivor, but is treated as an asset of the deceased's estate. | |
| TENANT | |
| One who occupies land or tenement under a landlord. | |
| TENURE | |
| A system of land holdings for a temporary time period. | |
| TERM | |
| In a mortgage "term" is the actual length of time for which the money is loaned. | |
| TERM MORTGAGE | |
| A non-amortizing mortgage under which the principal is paid in its entirety upon the maturity date. | |
| TIME IS OF THE ESSENCE | |
| Requires punctual performance of a contract on closing date and is indicated by so stating as in an Agreement of Purchase and Sale. | |
| TITLE | |
| The means of evidence by which the owner of land has lawful ownership thereof. | |
| TRANSFER | |
| To convey from one person to another. | |
| TRUST ACCOUNT | |
| An account separate and apart from one's personal monies, as required by law in the case of a brokerage. | |