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Mortgage Tools Glossary
Glossary of terms used on this site
There are 84 entries in this glossary.T
| Term | Definition |
|---|---|
| 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. |
| 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. |
| 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. |
| 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. |
| Ttitle 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. |
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