Taxes See Property taxes.

Tax stamps A method of denoting that a transfer tax has been paid in which stamps are affixed to a deed before the deed may be recorded.

Termination of agency Ending of an agency agreement.

Time is of the essence A statement that one party in a contract must perform certain acts within the stated period before the other party can perform.

Title Evidence of ones right to a property and the extent of that right.

Title insurance The policy issued to you by the title company on completion of the final title search protecting against claims in the future based on circumstances in the past.

Title insurance companies Companies issuing title insurance policies.

Title search An examination of information recorded on the sellers property at the county recorders office. This examination verifies that the property has no outstanding claims or liens against it to adversely affect the buyer or lender and that the seller can transfer clear legal title to the property.

Transfer fee See Assumption fee.

Transfer tax Documentary transfer tax; a tax that some states allow individual counties or cities to place on the transferring of real property.

Trust deed A document, used as a security device for the loan on your property, by which you transfer bare (naked) legal title with the power of sale to a trustee. This transfer is in effect until you have totally paid off the loan.

Trustee A person who holds bare legal title to a property without being the actual owner of the property. The trustee has the power of sale for the lenders benefit.

Trustees deed A deed used by a trustee in a foreclosure handled outside of court to transfer the debtors title to buyers.

Trust funds Funds held by a closing agent or escrow holder for the benefit of the buyers or seller.

Truth in lending A federal law that requires disclosure of loan terms to a borrower who is using his or her principal residence as security for a loan.

Unconditional lien release Waiver of liens; a release, usually signed by a contractor, after a job is complete and you made the final payments waiving and releasing all rights and claims against your home.

Unenforceable Not able to be enforced; void.

Unlawful detainer The unjustifiable keeping of possession of real property by someone who originally had the right to possession but no longer has that right.

Usury Interest charged in excess of what state law permits.

VA Veterans Administration; the federal government agency that manages VA loans.

VA loan GI loan; financing made by having a conventional loan made by a lender guaranteed by the VA.

Vendee Purchaser or buyer.

Vendor Owner or seller.

Vesting Interest that cannot be revoked.

Veterans Administration See VA.

Void To have no effect; not enforceable by law.

Voidable Able to be set aside.

Waive Unilateral voluntary relinquishment of a right of which one is aware.

Walk-through inspection Buyers physical examination of a property within a few days before closing, verifying that systems, appliances, and the house itself are in the agreed-on condition.

Warranties Printed or written documents guaranteeing the condition of property or its components.

Warranty deed A deed in which the grantor explicitly guarantees the title to be as indicated in the deed. The grantor agrees to protect buyers against all claimants to the property.

Wrap-around mortgage See All-inclusive trust deed.

Zoning Governmental laws establishing building codes and governing the specific uses of land and buildings.