tenancy in common
A co-ownership of a property by two or more people. In this case, the ownership is not necessarily equal, and the right of survivorship does not apply, meaning that in the event that one owner dies, the other does not necessarily inherit the ownership of the other person. |
title
A legal document indicating a person's ownership of a property. |
title company
A corporation whose primary function is to insure titles to real property. |
title insurance
Insurance that protects the lender or buyer from financial losses due to ownership disputes. |
title search
The process of checking public records and legal proceedings to ascertain the state of ownership of real property. |
transfer of ownership
The potential for ownership to change from one party to another. Also known as transferability. |
transfer tax
A tax that is owed upon the transfer of a property title from one owner to another. |
trustee
The third party who is responsible for holding a title of ownership belonging to the trustor. This title of ownership acts as a pledge on the part of a trustor to fulfill a financial obligation to a beneficiary. |
trustor
The party who borrows money from a trust deed beneficiary (lender) and deeds real property in order to secure the loan to a trustee (third party). This deed is held as security by the trustee until the trustor (borrower) can pay back their obligation to the beneficiary (lender) under the terms of the trust deed. |
Truth-in-Lending
A federal law that requires lenders to disclose all terms and conditions that apply to the mortgage, such as the annual percentage rate. |
