The Real Estate
Encyclopedia: P-T

In real estate transactions, a transfer tax is a tax imposed by a state or local government on the transfer of title to real property. The tax is typically calculated based on the consideration paid for the property. Transfer taxes are usually paid at the time of...

In real estate law, trade fixtures are items of personal property installed by a business tenant on leased premises for the purpose of conducting a trade or business. Although attached to the real property, they are intended for business use rather than as permanent...

In real estate and residential construction, a tract house is a home built according to the builder’s standard plans as part of a larger development or subdivision. Multiple homes are constructed using similar designs, materials, and layouts. Tract houses are...

In real estate, a tract is a parcel or area of land identified as a single unit. The term may refer to land of any size, depending on the context in which it is used. In some states, the term tract is used synonymously with subdivision to describe a planned...

In real estate and land surveying, a township is a unit of land division established under the federal rectangular survey system. It measures six miles on each side and encompasses a total area of thirty six square miles. Each township is divided into thirty six...

In real estate and civil law, a tort is a wrongful act or omission that causes harm to another person and is not based on a breach of contract. It gives rise to a civil action in which the injured party may seek damages or other remedies from the party responsible....

In real estate law, title theory is a legal concept followed in certain states under which the mortgagee holds legal title to the property during the term of the mortgage. The mortgagor retains equitable title and the right to possession and use of the property. Under...

In real estate practice, a title search is the examination of public records relating to a specific parcel of property to determine the current condition of title. It involves reviewing recorded documents such as deeds, mortgages, liens, and easements. The purpose of...

In real estate transactions, a title report is a document prepared by a title company that discloses the condition of title to a specific property. It is issued prior to the issuance of a title insurance policy. The title report identifies the current owner of record...

In real estate and title practice, a title plant is a privately maintained collection of recorded information relating to real property. It parallels the records kept in the county recorder’s office and organizes them for efficient searching and examination. Title...