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Dictionary

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Tax deduction
A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.

Tax Sale
The public sale of real estate by the government for failure to pay of taxes.

Tenancy by the Entirety
A type of joint tenancy of property available only to married persons; with the survivor taking the whole upon the other's death.

Tenancy in Common
An property owned by two or more persons, with each owner having equal rights of possession, but without the right of survivorship.

Title
A legal document establishing ownership of a property.

Title Insurance
An insurance policy issued to lenders and buyers to protect against losses related to disputes over the ownership of a property.

Title Search
A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.

Trust
Special accounts used by third parties to protect funds for buyers and sellers.