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Trust
Trust An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
RELATED TERMS--------------------------------------
Title
1) The rights of ownership and possession of particular property. 2) In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Grantor
That party in the deed that is the seller or giver.
Trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another.
Beneficiary
The lender named on the mortgage note, entitled to the proceeds of property held in trust; also proceeds of wills, insurance policies, or trusts.
SIMILAR TERMS--------------------------------------
Truss
A roof structural support system made up from "2 by" wood components that are attached using press-on metal plates.
Trust account
An account used by a real estate broker or escrow agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.
Trust deed
A legal document in which title to property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender).
Trust deed lien
A lien on the property of a truster that secures a deed of trust loan.
Trust fund bank account
An account set up by a broker, attorney or other agent at a bank or other recognized depository, into which the broker deposits all funds entrusted to the agent by the principal or others.
Trust funds
Money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person, and which are held for the benefit of others in the performance of any act(s) for which a real estate license is required.
Trust ledger
Ledger where a property manager records monies paid out on behalf of an owner.
Trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another.
Trustee's deed
A deed executed by a trustee conveying land held in a trust.
Trustor
The person who creates a trust and gives the instructions to the trustee.
PREVIOUS AND NEXT TERMS--------------------------------------
Trim work
The finishing of doors, doorways, window frames and floors.
Trip hazard
Any situation where there is an increased likelihood of tripping (e.g. stairs that do not have a uniform tread or riser height all the way along the stairs).
Triple net lease
A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs.
Triplex
A building comprised of three dwelling units, each having a front and rear (or side) door and yard; similar to row houses.
Truss
A roof structural support system made up from "2 by" wood components that are attached using press-on metal plates.
Trust
Trust account
An account used by a real estate broker or escrow agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.
Trust deed
A legal document in which title to property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender).
Trust deed lien
A lien on the property of a truster that secures a deed of trust loan.
Trust fund bank account
An account set up by a broker, attorney or other agent at a bank or other recognized depository, into which the broker deposits all funds entrusted to the agent by the principal or others.
Trust funds
Money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person, and which are held for the benefit of others in the performance of any act(s) for which a real estate license is required.
This dictionary contains 6433 terms. |
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