Glossary T

TEMPORARY OCCUPANCY PERMIT (TOP)
This permit allows the legal use of the building pending final clearance. In Singapore, an application for a TOP is free of charge and may take up to 14 days for processing.

TENANTS BY THE ENTIRETY
A husband and wife own the property with the common law right of survivorship so, if one dies, the other automatically inherits. One may not sue the other to PARTITION the property. A creditor of one may not claim the property or the proceeds of sale. compare TENANT IN COMMON and JOINT TENANTS

TENANTS IN COMMON
Two or more persons own the property with no right of survivorship. If one dies, his interest passes to his heirs, not necessarily the co-owner. Either party, or a creditor of one, may sue to PARTITION the property.
compare TENANTS BY THE ENTIRETY, JOINT TENANTS

TERRACE HOUSE
A landed house in a row of not less than 3 houses joined together by common boundary. Though joined, each house has it’s own side walls, boundary walls and it’s own roof. Each has it’s own land title. The minimum land plot size must be at least 150 sq m (1,615 sq ft).

TESTATE
To die with a Will.
compare INTESTATE

TESTATOR
One who makes out a last will and testament. The feminine form is Testatrix.

TITLE
A document that gives evidence of an individual’s ownership of property.

TITLE COMPANY
A company that specializes in examining and insuring titles to real estate.

TITLE DEED
A legal document evidencing a person’s right to or ownership of a property.

TITLE INSURANCE
Insurance that provides an INDEMNITY against loss or damage as a result of defect in title ownership to a particular piece of property. Title insurance covers mistakes made during a TITLE SEARCH as well as matters that could not be found or discovered in the public records such as missing heirs, mistakes, fraud and forgery.
compare CERTIFICATE OF TITLE

TITLE SEARCH
An examination of the public records, including court decisions, to disclose facts concerning the ownership of real estate. The title examiner prepares an ABSTRACT and the title agent prepares a BINDER but a licensed attorney at law must resolve decisions regarding the legal sufficiency of title or questions requiring legal interpretation.

TOWN HOUSE
Like a row of terrace house with not less than 3 residential units having ground contact and common ownership of the land such as roads and garden. Town house therefore have Strata Titles.

TRANSFER TAX
Government tax payable when title passes from one owner to another.

TRUST
A right to or in property held for the benefit of another. A trust may be written or implied. An implied trust is called a Constructive Trust.

TRUSTEE
One who holds property in Trust for another.

TRUTH-IN-LENDING
A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly after they apply for the loan. Also known as Regulation Z.

TWO-STEP MORTGAGE
A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often five or seven), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. the lender sometimes has the option to call the loan due with 30 days’ notice at the end of five or seven years.
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