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Tax sale |
A sale of real property ordered by the court in
order to raise money to cover delinquent taxes |
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Tenancy in common |
A version of joint tenancy of a property, but
without any right of succession by survivorship among the
owners |
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Testate |
To die having prepared and left a valid
will |
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Testator |
The individual who makes out a last will and
testament |
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Time is of the essence |
A condition in a contract requiring the
completion of a certain act within a designated period of time |
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Time-share |
A form of ownership interest which allows use of
the property only for a fixed or variable period of time |
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Title |
A legal document that evidences a person's
ownership of and right to possess a property |
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Title insurance |
Insurance that protects the owner or mortgagee
against loss arising from disputes over or defects in the title to a parcel of
real estate that arise after ownership has been transferred |
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Title search |
Research into public title records to determine
the current status of ownership of a piece of property; a licensed attorney
must provide any legal interpretation of the records found |
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Torrens Title |
Now a dated system (only used in a few US
states) whereby the court issues a certificate establishing the extent of an
individual's estate, including any exceptions noted |
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Township |
A division of land that is six miles square,
containing 36 square-mile sections |
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Tract |
A specific parcel of land |
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Transfer of ownership |
Any circumstance in which the ownership of a
property changes hands, e.g., via outright, titled purchase, or the assumption
of an existing on a property, or possession of the property via a land sales
trust, even any transfer of a beneficial interest in the trust |
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Transfer tax |
State or local taxes imposed on a transfer of
ownership of real property |
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Trust |
A right to a piece of property that is held for
the benefit of another |
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Trust deed, or a Deed of
trust |
A written document that grants the trustee the
title to a piece of property for the benefit of another, and which gives the
trustee the power to sell, mortgage or subdivide the property |
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Trustee |
A party who holds property for the benefit of
another |
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Trustee's deed |
A deed conveying land ownership executed by the
trustee who holds the land in trust |
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Trustor |
The borrower in a trust loan
transaction |
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Truth-in-Lending |
A federal law that requires disclosure by a
credit institution or lender of the terms and conditions of a loan or mortgage,
including the annual percentage rate and any other charges, to the borrower
when they apply for the loan.
Also see Regulation Z |
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Two-step mortgage |
An adjustable-rate mortgage that charges a
below-market interest rate for a designated number of years (usually 5 or 7)
after which the interest rate is adjusted to the current market
conditions |
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| Q |
In which 'Oil Sheikdom' of the Far East do the wealthy still choose to live in primitive houses on stilts?
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| A |
Brunei's oil wealth results in no income tax, free education and health services, and cheap housing loans for its average citizen. |
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Micki Patrick, Associate Broker
RE/MAX All Stars
Serving Botetourt County & The Roanoke Valley
1225 Roanoke Road
Daleville, VA 24083
Micki's Phone: 540-556-2525
Fax: 877-806-2525
Dayna Patrick: 540-342-9600
Email: Micki@MickiPatrick.com
Micki Patrick is a top producing Realtor/Broker with 30+ years experience in the Roanoke Valley of Virginia, which includes Botetourt, Bedford, Craig, Franklin, Floyd and Roanoke Counties.
Micki’s daughter, Dayna Patrick, a Realtor since 1990, with five years experience in the custom-home construction field, assists Micki in delivering creative and highly individualized service to our clients throughout the whole home buying and/or selling process.
Micki and Dayna specialize in country property, residential homes, horse farms and unique properties of all types. Their love of the region, chosen after a countrywide search for the ideal place to live, contributes to their enthusiasm in helping families relocate to the Roanoke area.
Whether helping you to buy or sell your special place, Micki and Dayna make a dynamic team and can help you achieve your real estate goals with ease. Share your vision with us, and let us bring our market knowledge, enthusiasm and expertise to work for you.     
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