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Ma Real Estate T-2
Terms & Definitions T-2
Term | Definition |
---|---|
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. |