As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.
An estate in fee; a form of ownership. The main types are joint tenancy, tenancy in common, and tenancy by the entirety.
Tenancy by the Entirety
A form of ownership by the husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate.
Tenancy in Common
An undivided ownership in real estate by two or more persons. The interests need not be equal, and, in the event of the death of one of the owners, no right of survivorship in the other owners exists.
Leaving a legally valid Last Will and Testament at death.
(1) A combination of all the elements that constitute a legal right to own, possess, use, control, enjoy and dispose of real estate or a right or interest therein. (2) The rights of ownership recognized and protected by the law.
An agreement binding the insurer to indemnify the insured for losses sustained by reason of defects in title to the real estate. Protection against potential financial loss.
Title Insurance Binder or Commitment
A report issued by a title insurance company binding or committing the title insurance company to issue the form of policy designated in the commitment or binder upon compliance with and satisfaction of requirements set forth in the commitment or binder.
A review of all recorded documents affecting specific piece of property to determine the present condition of title.
A State tax required on when real estate title passes from one owner to another. Also referred to as Documentary Transfer Tax. The current Transfer Tax in Wisconsin is $3.00 per $1,000 of the purchase price.
A right of property, real or personal, held by one party for the benefit of another.
One who is appointed, or required by law, to execute a trust; and/or one who holds title to real property under the terms of a deed of trust .
Instrument that conveys title to property from a trust (i.e., executed by the trustee)
Truth in Lending
Also referred to as Regulation Z. Part of the Federal Consumer Credit Protection Act. Federal legislation designed to protect borrowers by requiring lenders to furnish information regarding the cost of the loan. The law requires interest to be expressed as the annual percentage rate (APR) to the nearest 1/8 of one percent. The APR must include charges such as loan fees, discount points, servicing fees, etc., as well as interest. The law applies to one- to four-family residential property only. Also applies to other consumer loans.