Normal Size Small Size show me how
Ma Real Estate T-2
Terms & Definitions T-2
|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.
|Process of reviewing public records, at the Registry of Deeds to determine the state of ownership of a piece of real property.
|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.
|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.
|An imaginary line running east-west in the government survey method of land description parallel to major east-west lines, called base lines.
|A strip of land between 2 east-west township lines measuring 6 miles and using the government survey method of land description.
|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.
|The ability to transfer the legal bundle of rights without undue restrictions.
|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.
|Mass legal case that defined “procuring cause” in matters of real estate brokerage.
|The grantor who conveys title to establish a trust.
|The party in charge of administrating a trust after it has been established.
|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.