Definitions (T)

Real Estate Glossary - Meanings, Terms, & Acronyms

TAX LIEN
A claim against property for unpaid taxes.

TAKE OFF
An abstract, copy of a summary of matters found in the public records which affect title or rights of person to deal with the property.

TEMPORARILY OFF MARKET (TOM)

A listed property that is taken off the market due to illness, travel, repairs, and so on.

TENANCY IN COMMON
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.

TERM
The time limit within which a loan must be repaid.

TESTATE
A person who dies leaving a will.

THIRD-PARTY COMPANY
A relocation company hired by an employee’s employer to coordinate the employee’s move to a new location.

TITLE
A legal document evidencing a person's right to or ownership of a property.

TITLE (INSURANCE) COMPANY

A company that confirms the legal owner of a property and insures a homeowner and lender against a loss that could result from a title dispute.

TITLE INSURANCE
An insurance policy that protects a lender and/or homebuyer (only if homebuyer purchases a separate policy, called owner's coverage) against any loss resulting from a title error or dispute. On a refinance, if the property has had a recent title insurance policy, a homeowner may sometimes be eligible for a reduced rate on the title insurance (also known as the reissue or refinance rate) .

TITLE INSURANCE POLICY
A contract in which an insurer, usually a title insurance company, agrees to pay the insured party a specific amount for any loss caused by defects of title on real estate in which the insured has an interest as purchaser, mortgagee, or otherwise.

TITLE SEARCH
An examination of public records to disclose the past and current facts regarding the ownership of a given piece of real estate, 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

TRANSACTION
The real estate process from offer to closing or escrow.

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
Property that is held by one party for the benefit of another.

TRUST LAND

Land held in trust by the United States on behalf of an Indian tribe.

TRUSTEE

A fiduciary who holds or controls property 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, 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, THREE, OR 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.