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- 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.
- Tax Lien:
A claim against real estate for unpaid taxes.
- Tax Sale:
The sale of property to satisfy the payment of delinquent taxes.
- Teaser Rate:
A starting rate which is far below the fully indexed rate on an adjustable rate
mortgage.
- Tenancy by Entirety:
A form of ownership in which husband and wife are co-owners with rights of survivorship.
- Tenancy in Common:
A type of joint ownership of property by two or more persons with no right of
survivorship.
- Tenancy in Partnership:
Ownership is held in the name of a corporation.
- Tenants in Common:
An undivided ownership in real estate by two or more individuals.
- Term:
The time between the commencement and termination dates of a note, mortgage, legal
document, or other contract.
- Title:
Evidence of an individual's ownership of property.
- Title Binder:
Written evidence of temporary title insurance coverage that runs for a limited
time and must be replaced by a permanent policy.
- Title Defect:
Any legal right held by others to claim property or to make demands upon an owner.
- Title Exception:
An exclusion appearing in a title insurance policy against the insurance company
does not insure.
- 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.
- 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.
- Title Search:
An examination of city, town, or county public records to determine the legal
ownership of real estate.
- Total Debt Ratio:
Monthly debt and housing payments divided by gross monthly income. Also referred
to as Back-End Ratio.
- Townhouse:
A row house on a small lot that has exterior limits common to other similar units.
- Transfer Taxes:
Taxes imposed by local governments when transferring ownership of real property.
- 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.
- 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.
- 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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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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