A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
T
Tax and Insurance Escrow - An escrow account funded through monthly contributions by the mortgagor, required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums, and thus lowering the risk of default by the borrower.
Tax Lien - A lien against a property for failure to pay the taxes.
Teaser Rate - The initial contract interest rate charged on an adjustable rate mortgage for the first adjustment interval, and is significantly lower than the full adjusted rate at the time.
Tenant - One who leases a real property.
Terms - The arrangements and conditions that are specified within a contract.
Time is of the Essence - The phrase that, when included in a contract, requires all references to specific dates and times of day noted in the contract be understood as exact, and which in its absence extreme delays could be acceptable.
Title - Legal document providing evidence of ownership.
Title Defect - An unresolved claim against the ownership of a property that prevents the seller from providing the buyer a clear title to the property.
Title Insurance - The insurance policy protecting the title holder from loss due to defects in the title.
Title Search - The examination of public records to find out the ownership and encumbrances that affect a real property.
Title Theory State - A state where the lender has legal title to the mortgaged property and the borrower has an equitable title, in contrast with lien theory state. Taxes is not a title theory state.
Tornado Bait - A slang expression for a mobile home park.
Tort - A legally recognized wrong for which the law provides a remedy.
Triple Net Lease - A lease that the tenant pays all operating expenses for the property so that the landlord receives net rent with tenant paying; taxes, insurance, and maintenance in addition to normal operating expenses
Trust - An entity where property is transferred to a trusted third party trustee by a grantor/trustor, where the trustee holds the property for the benefit of the beneficiary of the trust.
Trust Deed - The conveyance of real estate to a third party to be held for the benefit of another. It is commonly used in some states instead of mortgages that conditionally convey title to the lender; same as a Deed of Trust.
Trustee - Someone who holds property in a trust for another securing the performance of an obligation, or the neutral party in a transaction by trust deed.
