PROPERTY

tontine

An agreement in which investors receive annuity payments, with the special provision that when one participant dies, his or her share goes to the others (increasing the payments to the survivors). Generally, the last to die receives the remaining funds. They are illegal in the United States.

Title X

The name of a federal law ("Title Ten," the Residential Lead-Based Paint Hazard Reduction Act) passed in 1992, aimed at helping residential landlords evaluate the risk of lead poisoning in each housing situation. Among other things, Title X requires landlords to disclose the presence of known lead paint hazards to prospective and current tenants, to give them an informational booklet, and to warn again if renovations will disturb lead paint. Home sellers must also disclose known hazards. (See also: lead hazard)

title report

The written analysis of a real estate title search, including a property description, names of titleholders and how title is held (joint tenancy, for example), tax rate, encumbrances (mortgages, liens, deeds of trust, recorded judgments), and real estate taxes due. A title report is needed before a lender will agree to finance purchase of the property. A title report is prepared by a title company, an abstracter, an attorney, or an escrow company, depending on local practice.

tidelands

Land between the high and low tides that is uncovered each day by tidal action. It belongs to the owner of the land that fronts on the sea at that point. 2) Land that is submerged below the low-tide point of the sea but is still the territory of a state or nation.

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