A loan typically arranged by a builder or developer for a buyer from which the proceeds of this more permanent loan goes to pay the construction loan in full.

Property that can be seen, touched, and moved without great difficulty.  Excludes real estate and tangibles.

    EXAMPLE:  State law often governs or describes property and classifies it for AD VALOREM TAX purposes.  Property considered tangible personal property might include:

Machinery, equipment, jewelry and trucks.

Any real or personal property that may be physically touched or handled or perceived by the senses such as land, its fixed improvements, furnishings, merchandise, cash, leases, etc.

Any real or personal property that may be physically touched or handled or perceived by the senses such as land, its fixed improvements, furnishings, merchandise, cash, leases, etc.

The amount of decrease or deduction of a tax improperly levied.

A credit received for a particular item such as a solar energy credit that becomes a direct reduction from the amount of tax owed.

The deed given to a purchaser at a public sale of land for nonpayment of property taxes which can convey only as much title as the defaulting taxpayer held.

The taxes owed to a taxing authority which can be real estate taxes, ordinary income tax or capital gains tax.

A claim against property which may be sold by the taxing authority arising out of nonpayment of taxes.

An agreement in a lease where the lessee agrees to pay all or a part of any real estate tax increases.

The amount to be paid as a result of nonpayment of taxes that is usually expressed as a percent of the unpaid balance.

A list of all taxable property used to establish the tax base which shows the assessed value of each parcel and its owner. Also know as Assessment roll.

The sale after a set time period of property for nonpayment of taxes.

A certificate bought at a tax sale which transfers the lien but not the title to the purchaser. The county gets its tax money, the owner keeps the property and the purchaser gets a high yield on the certificate.

An investment motivated primarily to obtain an income tax deductions to apply against taxable income earned from other sources.

The title transferred through a tax sale.

A real estate transaction in which one real property in whole or in part is exchanged for another “like kind property” to defer the payment of capital gains tax. Also referred to as a Tax-free exchange. See Like kind property.

See Tax-deferred exchange.

An amount received on a sale of a property that is greater than what it was purchased for and which is subject to federal taxation.

The value upon which the taxes are computed when tax rates have been determined.

A forced contribution levied upon property by the government and taken from persons, corporations and organizations to be used to support government services and programs.

The process by which a government or municipal quasi-public body raises monies to fund its operation. The right of government to payment for the support of activities in which it engages. A double tax in real estate is the taxation of the property as an asset and the taxation of the property income the owner receives. Estate taxation is the tax imposed by government on property passed by will or descent. A personal property tax is a tax imposed upon owners of personal property. - A real property tax is a tax imposed upon the owners of real property.

An interest in real property giving the right to its possession and use

A wrongful holding of premises by a tenant after his or her lease has terminated.

A possession of premises by permission of an owner or landlord and having no fixed term.

The ownership of property under certain state laws that is acquired by a husband and wife during marriage is jointly and equally owned and upon the death of one spouse it becomes the property of the survivor which is not used in community property states.

The co-ownership of property by two or more persons whose interests need not be equal and who each hold an undivided interest in the entire property and without the right of survivorship.

The party who has legal temporary possession and use of real property belonging to another.

The alterations to the interior of a building made to meet the functional needs of the tenant.

A party who holds lands for the period of another's life. See Pur autre vie

An evaluation process used by property managers to approve rental prospects to be tenants.

A specific list of items according to state guidelines which makes a property fit to live in.

See Tenancy by the entireties.

An unconditional offer of money or performance by one of the parties to a contract to carry out his or her part of the contract which when unjustifiably refused may permit the party making tender to exercise remedies for breach of contract.

All things which may be owned that are of a permanent nature such as land and buildings and in a more restrictive sense a house or a dwelling.

See Tenure in land.

A concept of American real estate ownership that holds that all rights and title in and to the land rest with the owner.

The length of the contract period.

A specific type of loan having a stated length which is normally under 5 years, on which only interest is paid and at the expiration of the term, the entire principal is paid. See Straight loan.

The document recorded to cancel and remove a financing statement previously filed under the Uniform Commercial Code.

A shield of non-corrodible metal located on top of the foundation wall or around pipes to prevent the entrance of termites.

The ant-like insects which feed on wood and are highly destructive to wooden structures.

The conditions spelled out in an arrangement or agreement such as a mortgage or a contract.

A contract clause that emphasizes punctual performance as an essential requirement of the contract. Thus, if any party to the instrument does not perform within the specified time period (the drop-dead date), that party is in default, provided the nondefaulting party has made a valid tender of performance. If no tender is made, then the clause may be waived. The clause may also be waived by the subsequent acts of the parties such as accepting tardy payments or signing escrow instructions that allow for extensions of time in which to perform.

1. The union of all elements (as ownership, possession, and custody) constituting the legal right to control and dispose of property; the legal link between a person who owns property and the property itself. 

2.  Legal evidence of a person's ownership rights in property; an instrument (such as a deed) that constitutes such evidence.

A corporation whose primary function is to insure titles to real property.

The title insurance provided by the owner in lieu of an abstract of title.

A title company report that is made prior to the issuance of title insurance policy which discloses the condition of the title.

A review of all recorded documents affecting a specific piece of property to determine the present condition of title.

An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.

Defined as the disbursement of funds as the delivery of the funds by the mortgage lender to the settlement agent in one or more of the following forms:

1. Cash
2. Wired funds
3. Checks issued by the State of Tennessee or a political subdivision of the state;
4. Cashier’s check
5. Teller’s check or other official check, however designated, which is:
   
   1. issued by a financial institution; and
   2. drawn on or payable through a financial institution within the same Federal Reserve check processing region as the location of the settlement agent;
6. Checks issued by an instrumentality of the United States organized and existing under the Farm Credit Act of 1971, as amended; or
7. Checks issued from the escrow account or trust account of a real estate broker licensed pursuant to the Tennessee Code Annotated, § 62-13-101 et seq. and drawn on or payable through a financial institution within the same Federal Reserve check processing region as the location of the settlement agent in an amount not to exceed the earnest money paid by the purchaser and collected in such fiduciary amount.
   

This means that if the Settlement Agent (Closing Attorney) has not received the funds by one of the above methods, the closing cannot be fully funded and finalized.

In the survey of United States public lands, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square which is located between two range lines and two township lines.

All the lines in a government survey or rectangular survey system that run east and west, parallel to the base line and are six miles apart.Township Lines

Any licensee:

1. Who assists one (1) or more parties to a transaction who has not entered into a specific written agency agreement representing one (1) or more of the parties; or
2. Whose specific written agency agreement provides that if the licensee or someone associated with the licensee also represents another party to the same transaction, such licensee shall be deemed to be a facilitator and not a dual agent; provided, that notice of assumption of facilitator status is provided to the buyer and seller immediately upon such assumption of facilitator status, to be confirmed in writing prior to execution of the contract. A facilitator may advise either or both of the parties to a transaction but cannot be considered a representative or advocate of either party. ‘‘Transaction broker’’ may be used synonymously with, or in lieu of, ‘‘facilitator’’ as used in any disclosures, forms or agreements under this chapter;

A charge made by a lending institution holding or collecting on a real estate mortgage to change its records to reflect a different owner.

The tax required by state law to be paid when real estate is sold.

A potential for being conveyed from one owner to another and which is one of the four essential elements of value.

An instrument in use in many states, that takes the place of and serves the use of a common law mortgage, by which a trustor places the legal title to real property with a trustee to secure the repayment of a sum of money to the beneficiary or the performance of other conditions.
Just as with a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the transaction there are three. There is the borrower who signs the trust deed and who is called the trustor. There is the third, neutral party, to whom trustor deeds the property as security for the payment of the debt, who is called the trustee. And, finally, there is the lender who is called the beneficiary, the one who benefits from the pledge agreement in that in the event of a default the trustee can sell the property and transfer the money obtained at the sale to lender as payment of the debt.

A lien on the property of a trustor that secures a trust deed loan.

The money received by real estate broke or salespersons on behalf of others.

A device used to transfer property from a trustee back to the borrower, the trustor which has a similar effect as a quitclaim deed.

The forced sale of real property under a trust deed, by a lender, beneficiary, to satisfy the debt

The party who borrows money from a trust deed beneficiary (lender) and who deeds the real property securing the loan to a trustee (third party) to be held as security until the trustor (borrower) has performed (paid back) the obligation to the lender under terms of a trust deed. Also used for other purposes such as management.

The name given that portion of the federal statute Public Law 90-231 (the Consumer Credit Protection Act) and Regulation Z which are designed primarily to insure that prospective borrowers who purchase on credit receive information regarding the true cost of credit before entering into a transaction. See Regulation Z.