takeout mortgage
|
A permanent mortgage, obtained by pre-arrangement between a
builder and a financial institution, to repay the interim
mortgagee at the completion of construction. |
tax lien
|
A claim against real estate for the amount of its unpaid
taxes. |
tax sale
|
Property on which current county taxes have not been paid is
"sold to the state." No actual sale takes place - the title is
transferred to the state and the owner may redeem it by paying
taxes, penalties and costs. If it has not been redeemed within
five years, the property (referred to as "tax sold property") is
actually deeded to the state. (Similar "sales" to cities take
place for unpaid city taxes.) |
tenancy in common
|
A type of joint tenancy in a property without right of
survivorship. Contrast with tenancy by the entirety and with
joint tenancy. |
time-share
|
A timeshare is defined as any arrangement for sharing
ownership of a vacation home, condominium or other interest in
realty where each of the joint purchasers may occupy the unit
during a specified period each year. |
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. In Nevada, the title company handles the escrow
as well. |
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. In cases in
which an inter vivos revocable trust is the borrower, lenders
also consider any transfer of a beneficial interest in the trust
to be a transfer of ownership. |
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. See adjustable-rate mortgage (ARM). |
triple net lease
|
Triple net (net, net, net) means that the tenant is
responsible for generally everything including structural
repair. |
trust deed
|
A written document by which the title to land is conveyed as
security for the repayment of a loan or other obligation. It is a
form of mortgage. The landowner or debtor is called the
"trustor." The party to whom the legal title is conveyed (and who
may be called on to conduct a sale thereof if the loan is not
paid) is the "trustee." The lender is the "beneficiary." When the
loan is paid off, the trustee is asked by the beneficiary to
issue a "recon" or reconveyance. This reconveyance corresponds to
the release that the holder of a mortgage executes when the
mortgage is paid off. |
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. |
