Legal Glossary

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 #

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Tax Certificate: Certificate issued by taxing authorities showing the current year's taxes and the last year that taxes were paid.

Tax Certificate Fee: A charge for tax certificate.

Tax Lien: A statutory lien, in favor of the state or municipality, upon the land of a person charged with unpaid personal or real property taxes.

Tax Proration: Seller pays buyer taxes from January 1st to closing.

Taxes: Charges assessed against the value of real property to pay the cost of governmental services.

Telecommuting: Working from home or another location remote from the office, using technology such as telephones and computers.

Temporary disability: Payments received if you lose wages because your injury prevents you from doing your usual job while recovering.

Temporary partial disability benefits: Payments you receive if you can do some work while recovering, but you will earn less in wages.

Temporary total disability benefits: Payments you get if you cannot work at all while recovering physician.

Tender: To present to another person an unconditional offer to enter into a contract or to present payment to another.

Third party litigation: When a lawsuit is brought against a defendant and that defendant wants to add another party to the suit, the original defendant may file a "third party complaint" which results in a third party litigation or lawsuit.

Time is of the Essence: A standard clause in real property contracts that indicate that punctual compliance is required.

Title: The basic rights of enjoyment and possession or interest in property; also used to describe a document that furnishes proof of ownership.

Title company: A firm that ensures that the property title is clear and provides title insurance.

Title examination: An examination of the public record to determine that the seller is the legal owner and there are no encumbrances (such as claims or liens) affecting the property.

Title Insurance: Indemnification for loss occasioned by defects in the title to real property or to an interest in real property.

Title Policy: An insurance policy or contract indemnifying against loss resulting from a defect in the title to the interest, or lien, in the real property thus insured.

Title search: The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.

TITLE VII: Part of the federal Civil Rights Act of 1964 that prohibits discrimination in employment on the basis of age, color, national origin, race, religion, or sex.

Tort: A civil wrong; a wrongful injury to a person's property. There are three types of torts: intentional, negligence and strict liability.

Total expense ratio: The percentage of monthly debt obligations relative to gross monthly income.

Townhouse: An attached home in a multi-family planned community that is not a condominium.

Trade: A business or occupation for profit, particularly in retail or wholesale sales or requiring special mechanical skill. A trade is also an exchange one thing for another, which includes money for goods, goods for goods and favors for goods or money.

Trade secret: A process, method, plan, formula or other information unique to a manufacturer, which gives it an advantage over competitors. Therefore the trade secret has value and may be protected by a court-ordered injunction against use or revelation of trade secret.

Transaction broker: A real estate professional who is hired to help a buyer and seller reach an agreement. The transaction broker does not represent either the buyer or the seller.

Transfer agent: A person or company retained by a corporation to process transfers and registration of shares of stock (stock certificates). One difficulty is that the stock certificates do not always include the name and address of the current transfer agent

Transfer tax: An assessment by state or local authorities at the time a piece of property changes hands.

Trustee: A legally empowered person who holds or controls a piece of property for another person.

Truth in Lending Act: A federal law that allows a consumer to cancel a home-improvement loan, second mortgage, or other loan until midnight of the third business day after a contract is signed, if the home was pledged as security (except for a first mortgage or first trust deed).

Tuition reimbursement: An employee benefit in which the employer pays all or part of the employee's tuition for coursework or training.