United Country Guardian Real Estate - Dillon, Beaverhead Madison County Southwest Montana Real Estate for sale

Dictionary / Glossary / Directory
of Real Estate Terminology
Definitions & Commonly Used
Real Estate Terms

Confused & overwhelmed by the overwhelming number of real estate terms and words? Every person working in real estate or planning to buy or sell real estate can benefit by using this dictionary directory glossary of real estate terminology, definitions and commonly used terms.

Real Estate Terminology Definitions & Commonly Used Terms
In Alphabetical Order

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

    Tenancy By The Entirety:

  • An ownership form for husband and wife under which there is right of survivorship. Under its traditional form, neither husband nor wife can convey away their respective interest, voluntarily or involuntarily, without the consent of the other. This feature is unlike a joint tenancy with right of survivorship held by a husband and wife. Tenancies by the entirety, although popular in common law states, are not permitted in California, a community property state.
    • Tenancy for Years:

      Synonym: estate for years
    • A leasehold interest that expires at a specific future time, often one year, with rent collected monthly.
      • Time is of the Essance:

      • A phrase often inserted as boilerplate in real estate contracts which supposedly will cause a court to enforce agreed upon time limits. However, rarely are time limits in real estate deals strictly enforced due to customs and practices in the industry. Nonetheless, the phrase can be used for advantages.
        • Title Company:

        • A business organization that maintains records, either print or electronic, of all documents that pertain to real estate that are recorded in the official records of the county. These records are used to prepare preliminary title reports as well as to support the issuance of policies of title insurance. Many title companies also perform the services of escrow companies.
          • Title Insurance:

          • A form of protection against surprise encumbrances on or claims to real estate. A title company prepares a report that refers to all recorded documents that affect the ownership of or possession to a specific parcel of real estate. Some unrecorded encumbrances, such as property taxes, are reported as well. Ordinarily, no attempt is made to include unrecorded claims in the report, other than taxes. Title insurance, in general, is a form of guarantee that the title company's report is accurate. That is, the insured property owner is protected from losses that may be caused by the failure of the title company to properly report all encumbrances of record that effect the property. The protection is against surprise encumbrances. Additionally, title policies may protect against losses from forgeries, as well as from specified unrecorded claims if a special premium is paid. All institutional lenders require that their borrowers (mortgagors) obtain title insurance.
            A title search is An analysis of the official records to identify and catalog those documents that pertain to a particular parcel of real estate. A title search ordinarily is performed by an attorney or a title company, but may be performed by anyone because official records are open to the public.
            • Trust Account:

            • Any account held by a fiduciary for the benefit of another. A real estate broker is required by law to maintain a trust account in which earnest money deposits are maintained. Attorneys often maintain trust accounts of clients' funds. In all cases, the fiduciary cannot deposit personal funds in a trust fund, nor can he use trust funds for personal benefit. Violation of trust account law can result in suspension or revocation of professional licenses.
              • Trust Deed:

              • A mortgage. A trust deed conveys the legal title to real estate from a debtor to a third party trustee, to hold the property "in trust" for the benefit of the lender so long as the debt is unpaid.
                • Trustee:

                • A person who is paid to hold property for the benefit of another person, called the beneficiary. Trustees in deed of trust transactions are often attorneys or title companies.
                  • Trustee's Deed:

                  • A variety of deed used by trustees under deeds of trust to transfer ownership to the highest bidders at foreclosure sales. Trustees holds legal title to the encumbered properties until one event or the other occurs: either the debtors (trustors) pay off their secured loans or defaults. In the former situation, the title is returned to the debtor by deed of reconveyance (signed by the trustee) and the whole transaction is over. In the default situation, however, the trustee will, on the creditor's request, initiate foreclosure proceedings. Foreclosure proceedings, unless terminated in midstream, will result in a public sale of the property securing the unpaid debt. The high bidder will receive ownership, both legal (title) and beneficial ownership (possession), by trustee's deed.
                    • Truth in Lending:

                    • A federal consumer law that requires lenders to compute and disclose to prospective borrowers, among other things, an annualized percentage rate (APR). As of this date, there is no standardized disclosure requirements relating to adjustable rate mortgages.

                    • Real Estate Terminology Definitions & Commonly Used Terms
                      In Alphabetical Order

                      A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

                      While great care has been undertaken to provide accurate explanations and definitions for real estate terms and words in our real estate terms dictionary glossary dirctory, no real estate vocabulary dictionary cannot be completely accurate in all jurisdictions. Any / all definitions are for general purposes only and should not be used for any legal purpose. By use of this dictionary glossary directory of real estate terms, you agree to hold United Country - Guardian Real Estate harmless for any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information.