Real Estate Terms - T

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Tax Lien - A lien placed against the property for unpaid taxes.

Terrazzo - a countertop material or faux marble flooring. An example of Terrazzo flooring can be seen at Hoover Dam.

Timeshare - A form of vacation property. Instead of purchasing a vacation home that you cannot use for most of the year, timeshare allows families to purchase a fractional share in the property resulting in a block of time that it is available for their use. This share could be one week per year or more, typically it is two weeks. Timeshares have restrictions. Owners can only stay at the property during their prescribed period, which varies depending on the nature of their ownership. However, owners can rent out their week, give it as a gift to someone else or exchange their week, either independently or through several exchange agencies, to stay at another timeshare in their network someplace else.

Title - A legal document that grants evidence of ownership of property.

Title insurance - Insurance generally issued by a title insurance company that insures a homebuyer against errors in the title search. Usually the cost of the policy is a percentage of the value of the property. I also have a short article about its importance.

Title search - The determination of legal ownership of property through the examination of municipal records by a title company.

Trustee - An agent who holds or has control over a property for the benefit of another.

Real Estate Glossary