 |
|
Sponsor Links
|
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
|
|
|
Click
Here to Browse
By Letter
|
|
#
A
B
C
D
E
F
G
H
I
J
K L
M N
O P
Q R
S T
U V
W X
Y Z
|
|
|
Tax Sale: A sale of property, usually at
auction, for non-payment of taxes assessed
against it.
Taxes: A forced contribution of wealth to
meet the public need for government.
Tenancy at Sufferance: A tenancy which
arises when a tenant holds over after the
termination of a lease without consent.
Tenancy at Will: A tenancy for an
indefinite period which may be terminated at the
will of either the lessee or the lessor.
Tenancy in Common: Ownership by two or
more persons which does not pass ownership to
the others in the event of death.
Tender: An offer of money.
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.
Time is of the Essence: A clause in a
contract contemplating performance by a
specified date.
Title: A legal document showing rights of
ownership.
Title Company: A company that specializes
in examining and insuring titles to real estate.
Title Insurance: Insurance issued by a
title company to protect the property owner
against loss if the title is questionable.
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.
Tort: Damage, injury, or a wrongful act
done willfully, negligently, or in circumstances
involving strict liability, but not involving
breach of contract, for which a civil suit can
be brought.
Townhouse: A single family attached
dwelling unit with common walls.
Transfer of Ownership: Any means by which
the ownership of a property changes hands.
Transfer Tax: State or local taxes that
must be paid 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.
Trust Deed: An instrument which transfers
(conveys) the bare legal title of a property to
a trustee to be held pending fulfillment of an
obligation, usually the repayment of a loan to a
beneficiary.
Trustee: A person who holds or controls
property for the benefit of another in order to
meet an obligation.
Trustee's Sale: A sale at auction by a
trustee under a deed of trust, pursuant to
foreclosure proceedings.
Trustor: The borrower of money secured by
a trust deed. One who transfers his bare legal
title to a trustee to be held as security until
he has performed his obligation to a lender
under terms of a note secured by a deed of
trust.
Truth-in-Lending: A federal law that
requires lenders to fully disclose the terms and
conditions of a mortgage, in writing, including
the annual percentage rate (APR) and other
charges.
Two- to Four-Family Property: A property
that consists of a structure that provides
living space (dwelling units) for two to four
families, but the property is under one
ownership.
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.
|
|
|
|
|
|
|
|
|
|
