GLOSSARY of American & Mexican Real Estate Terms
T
Tax - Impuesto
To levy an assessment against, usually by government powers. Unpaid taxes usually form a special lien on property owned by the taxpayer, ahead of registered mortgages. The money charged as an assessment.
Tax Base
The total tax-assessed value of all real property in a particular jurisdiction.
Tax Rate
The rate, normally stated in units of $100, multiplied by the assessed value of property to determine the amount of the property tax due.
Tax Stamps - Timbres Fiscales
A seal or official stamp used to certify that the duty or tax has been paid.
Taxation
The right of government to require contribution from citizens to pay for government services.
Tenancy at Sufferance
A tenancy which is created when one is in wrongful possession of realty, even though the original possession may have been legal.
Tenancy at Will
An occupation of space for an indefinite period which can be terminated by either the lessor or lessee at any time.
Tenancy by the Entireties (Entirety)
A special joint tenancy between a lawfully married husband and wife, which places all title to property (real or personal) into the marital unit, with both spouses having an equal undivided interest in the whole property. In essence, each spouse owns the ENTIRE estate.
Tenancy from Period to Period
A leasehold, which is automatically renewed for the same term as in the original lease; also referred to as a periodic tenancy or an estate from year to year. Notice needed to terminate.
Tenancy in Common
A form of concurrent ownership where two or more persons hold separate titles in the same estate. May have equal or unequal shares. Right of partition.
Tenant/Lessee - Arrendatario
One who has the occupation or temporary possession of lands or tenements of another; specifically : one who rents or leases (as a house) from a landlord.
Term Mortgage (Straight Term)
A method of financing in which interest only is paid during the time of the loan. At maturity, generally five years or less, the entire principle is due.
Third Party - Tercero
One not a party to an agreement, a transaction or an action, but who may have rights therein.
Third-Party Origination
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
Time Is of the Essence
A phrase included in contracts to require punctual performance of all obligation.
Timeshare Rights - Derechos de Tiempo Compartido
Timeshare rights (as opposed to real property rights) are contractually acquired interests to use property according to the terms of the relevant timeshare purchase contract.
Time Sharing
A form of condominium ownership in which the buyer owns the property for a certain specified time interval.
Title - Titulo
The legally recognized evidence of a person's right to possess property.
Title Company
A company that specializes in examining and insuring titles to real estate.
Title Insurance - Seguro de Titulo
A policy that protects the insured against loss or damage due to defects in title.
Title Search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.
Title Theory States
States in which a mortgage actually conveys title subject to a condition.
Topography
A description of surface features of land.
Township
A 6-by-6 mile area containing 36 sections each 1 mile square. A division of land in the rectangular survey method of land description.
Trade Fixtures
Personal property used in business which has been annexed to real property and is removable by the owner (Tenant) If it is not taken by the tenant it becomes the property of the landlord.
Transfer - Transferencia, traspaso
An act of the parties, or of the law, by which the title to property is conveyed from one person to another.
Transfer Tax - Impuesto de Traspaso
A tax charged to convey interest in property from one party to another.
Transferability
The ability to exchange goods and services. In real estate legal rights are transferred.
Transfer of Ownership
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
Trust - Fideicomiso
A legal relationship under which title to property is transferred to a person, called a trustee, who has control over the property, and must manage it for some other person -- called a beneficiary.
Trustee - Fiduciario
A person who holds title and control over property and manages it for another person called a beneficiary (Called "Naked Legal Title").
Trustor - Fiduciante, Fideiconiitente
The person who creates a trust and voices the instructions to the trustee (the borrower).
Truth-in-Lending Law
Common name given to the National Consumer Credit Protection Act. Requires lenders to make credit disclosures to individual borrowers for certain types of loans (Regulation Z).
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