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Tenancy in Common
A type of joint tenancy in a property without
right of survivorship.
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 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.
Trust Deed
A deed that the trustor
conveys title to a
trustee to be held in trust as
security for a loan.
Trustee
A fiduciary who holds or controls property for
the benefit of another.
Trustor
One who deeds property to a trustee to be held as
security until the loan to
the lender has been fulfilled under the terms of the
deed of trust.
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.
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