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Tax

As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.

Tax Shelter

A term often applied to real estate investment, referring to various tax advantages.

Title

The legal document conferring ownership of a piece of real estate. title company

Title Insurance

Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.

Title Search

A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive convenants filed in the record, which would adversely affect the marketability or value of title.

Total Lender Fees

Fees required by the lender to obtain the loan, apart from other fees associated with transferring a property between buyer and seller. Also known as finance charges.

Trade Equity

Other real estate or assets that a buyer gives to a seller as part of the down payment.

Trustee

A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law.

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