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GLOSSARY 'T' |
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1. |
Table Funding:
Mortgage transaction where the broker closes the mortgage in its own name for simultaneous assignment to an investor who advanced money to the funding.
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2. |
Tax Lien:
A claim against real estate for unpaid taxes.
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3. |
Tax Sale:
The sale of property to satisfy the payment of delinquent taxes.
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4. |
Teaser Rate:
A starting rate which is far below the fully indexed rate on an adjustable rate mortgage.
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5. |
Tenancy by Entirety:
A form of ownership in which husband and wife are co-owners with rights of survivorship.
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6. |
Tenancy in Common:
A type of joint ownership of property by two or more persons with no right of survivorship.
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7. |
Tenancy in Partnership:
Ownership is held in the name of a corporation.
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8. |
Tenants in Common:
An undivided ownership in real estate by two or more individuals.
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9. |
Term:
The time between the commencement and termination dates of a note, mortgage, legal document, or other contract.
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10. |
Title:
Evidence of an individual's ownership of property.
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11. |
Title Binder:
Written evidence of temporary title insurance coverage that runs for a limited time and must be replaced by a permanent policy.
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12. |
Title Defect:
Any legal right held by others to claim property or to make demands upon an owner.
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13. |
Title Exception:
An exclusion appearing in a title insurance policy against the insurance company does not insure.
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14. |
Title Insurance Policy:
A contract by which the title insurance company agrees to pay the insured a specific amount for any loss caused by defects of title to a specifically described parcel of real estate.
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15. |
Title I Loan:
Under the Title I loan insurance program established by Title I of the National Housing Act of 1934, lenders make loans from their own funds, and HUD insures the lender against loss if the borrower defaults on the loan.
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16. |
Title Search:
An examination of city, town, or county public records to determine the legal ownership of real estate.
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17. |
Total Debt Ratio:
Monthly debt and housing payments divided by gross monthly income. Also referred to as Back-End Ratio.
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18. |
Townhouse:
A row house on a small lot that has exterior limits common to other similar units.
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19. |
Transfer Taxes:
Taxes imposed by local governments when transferring ownership of real property.
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20. |
Trust:
A fiduciary relationship whereby legal title to a property is transferred to a trustee with the intention that such property be administered by the trustee for the benefit of another, the beneficiary, who holds equitable title to such property.
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21. |
Trustee in Bankruptcy:
An agent of the court authorized to liquidate and protect the assets of the bankrupt, and bring them to court for final distribution for the benefit of the bankrupt and creditors.
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22. |
Truth in Lending (TIL):
A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan. Also referred to as Regulation Z.
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