Glossary of Terms

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Most terms and definitions have been provided by:

http://realestateglossary.internetcrusade.com
TAX LIEN
A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.
TAX SHELTER
A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment.
TENANCY IN COMMON
A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.
TITLE INSURANCE
A comprehensive contract of indemnity under which the title insurance company agrees to reimburse the insured for any loss if title is not as represented in the policy.
TITLE SEARCH
An examination of the public records to determine what, if any, defects there are in the chain of title.