Glossary of Terms: T

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
Click Here to Download Complete Glossary PDF

 

Tax Lien:
A claim against property for unpaid taxes.

Term:
The period of time between the beginning date and termination date of a note, mortgage or other legal documents or contracts.

Third-party Fees:
Fees charged by vendors for services rendered relating to a loan, such as appraisal, credit report, title search, mortgage recording, title and flood certifications.

Title (Insurance) Company:
A company that confirms the legal owner of a property and also insures the lender and home owner against a loss that could result from a title dispute.

Title Insurance Policy:
A contract in which the insurer agrees to pay the insured party a specific amount for any loss caused by defects of title on real estate where the insured has an interest as purchaser, mortgagee or otherwise.

Title Search:
An examination of public records used to determine legal ownership to the property and to disclose any past or present facts regarding the property, such as all liens and encumbrances on it. Usually performed by an attorney or title company.

Transfer Tax:
Tax payable to state or local government when the title passes from one owner to another.

Truth-in-Lending Act:
Part of the consumer Credit Protection Act, this federal law requires lender to provide full written disclosure of credit terms and conditions, the finance charge, the annual percentage rate, and other charges incurred in a loan contract.