South Central Wisconsin Multiple Listing Service

Glossary of Terms

A B C D E F H I J L M N O P Q R S T U V W

  • Term

    The number of years before a loan is scheduled to be paid off. 15-year and 30-year terms are most common.

  • Title Insurance

    Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to the fee (chain of title) or to encumbrances.

  • Trust Deed

    See deed of trust.

  • Time is of the essence

    Clause used in contracts to bind one party to performance at or by a specified time in order to bind the other party to performance.

  • Transfer Tax or Transfer Fee

    Tax on the transfer of real property. Generally based on value of property being transferred (i.e., purchase price). Check statutes for each state. Also called Documentary Transfer tax in some states.

  • Trust Funds

    Money or other things of value not belonging to the broker but received by him/her or his/her salespeople on behalf of a principal and being held for the benefit of others.



A B C D E F H I J L M N O P Q R S T U V W

The South Central Wisconsin MLS serves Dane, Sauk , Columbia, Rock, Dodge, Iowa, Green, Lafayette, Grant, and Richland Counties, as well as portions of Jefferson, Crawford, Vernon, Juneau, Monroe, Adams, Marquette, Green Lake, and Waushara Counties.

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