TAX LIEN
Lien for nonpayment of taxes. |
| |
TEASER RATE
A low initial interest rate on a mortgage. |
| |
TENANTS BY THE ENTIRETY
A type of joint ownership of a property available only to a husband and wife. |
| |
TENANTS IN COMMON
A type of joint ownership in a property without right of survivorship. |
| |
TITLE
A legal document showing a person's right to or ownership of a property. |
| |
TITLE INSURANCE
Insurance which protects a lender or a buyer against loss due to title error or disputes over ownership of a property. |
| |
TITLE SEARCH
A check of the title records to make sure that the seller is the actual legal owner of the property, and that there are no liens or other claims outstanding. |
| |
TRUST
A property interest held by one person for the benefit of another. |
| |
TRUSTEE
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. |
| |
TRUTH-IN-LENDING
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage. |
| |
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. |
| |