Click on a link below
for an alphabetized list of Real Estate and Mortgage
Terms.
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Tenancy in common
As opposed to joint tenancy, when there are two or more
individuals on title to a piece of property, this type
of ownership does not pass ownership to the others in
the event of death.
Third-party origination
A process by which a lender uses another party to completely
or partially originate, process, underwrite, close,
fund, or package the mortgages it plans to deliver to
the secondary mortgage market.
Title
A legal document evidencing a person's right to or ownership
of a property.
Title company
A company that specializes in examining and insuring
titles to real estate.
Title insurance
Insurance that protects the lender (lender's policy)
or the buyer (owner's policy) against loss arising from
disputes over ownership of a property.
Title search
A check of the title records to ensure that the seller
is the legal owner of the property and that there are
no liens or other claims outstanding.
Transfer of ownership
Any means by which the ownership of a property changes
hands. Lenders consider all of the following situations
to be a transfer of ownership: the purchase of a property
"subject to" the mortgage, the assumption
of the mortgage debt by the property purchaser, and
any exchange of possession of the property under a land
sales contract or any other land trust device.
Transfer tax
State or local tax payable when title passes from one
owner to another.
Treasury index
An index that is used to determine interest rate changes
for certain adjustable-rate mortgage (ARM) plans. It
is based on the results of auctions that the U.S. Treasury
holds for its Treasury bills and securities or is derived
from the U.S. Treasury's daily yield curve, which is
based on the closing market bid yields on actively traded
Treasury securities in the over-the-counter market.
Truth-in-Lending
A federal law that requires lenders to fully disclose,
in writing, the terms and conditions of a mortgage,
including the annual percentage rate (APR) and other
charges.
Two-step mortgage
An adjustable-rate mortgage (ARM) that has one interest
rate for the first five or seven years of its mortgage
term and a different interest rate for the remainder
of the amortization term.
Two- to four-family property
A property that consists of a structure that provides
living space (dwelling units) for two to four families,
although ownership of the structure is evidenced by
a single deed.
Trustee
A fiduciary who holds or controls property for the benefit
of another.
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