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Ma Real Estate T-2

Terms & Definitions T-2

TermDefinition
Title Reference A filing system at the County Registry of Deeds that records a document, such as a deed, in a specific book, and on a specific page in the book.
Title Search Process of reviewing public records, at the Registry of Deeds to determine the state of ownership of a piece of real property.
Torrens System A system of registering title to real property (used in Mass and other states), to verify ownership of title. Results in a Certificate of Title.
Township A division of property under the government (Rectangular) survey method of land description, 6 miles by 6 miles, containing 36 sections, each 1 mile by 1 mile.
Township Lines An imaginary line running east-west in the government survey method of land description parallel to major east-west lines, called base lines.
Township Strip A strip of land between 2 east-west township lines measuring 6 miles and using the government survey method of land description.
Trade Fixture A fixture attached real property is a part of the tenant’s trade, or business. Can be removed by the tenant at the end of the lease.
Transferability The ability to transfer the legal bundle of rights without undue restrictions.
Triple Damages The Mass Consumer Protection Law M. G. L chapter 93 A. allows penalties of three times the actual damages in certain instances.
Triple Net Lease A lease where tenant pays rent plus taxes, insurance, and other maintenance expenses. Technically redundant as Net Lease means the same, but emphasizes the tenants payment of rent plus all expenses.
Tristram's Landing Mass legal case that defined “procuring cause” in matters of real estate brokerage.
Trustor The grantor who conveys title to establish a trust.
Trustee The party in charge of administrating a trust after it has been established.
Trustees Deed A deed used to convey title from the trust by the trustee to a new grantee.
Truth in Lending A federal law known as Regulation Z that regulates loans by professional lenders to private individuals.
Created by: medct
 

 



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