Tax Impound
Money paid to and held by a lender for annual tax payments. See Impound Account.
Tax Lien
Claim against a property for unpaid taxes.
Tax Sale
Public sale of property by a government authority as a result of non-payment of taxes.
Tenancy in Common
A type of joint ownership of property by two or more persons with no right of survivorship.
Term
The number of years it will take to pay off a loan.
Title
Document that gives evidence of ownership of a property and the rights of ownership and possession of that property.
Title Company
A company that insures title to property.
Title Insurance Policy
A policy that protects the purchaser, mortgagee or other party against losses.
Title Search
Examination of municipal records to ensure that the seller is the legal owner of a property and that no liens or other claims exist against that property.
Transfer Tax
Tax paid when title passes from one owner to another.
Trust Account
Account maintained by a broker or escrow company to handle all money collected for clients.
Trustee
Someone given legal responsibility to hold property in the best interest of another.
Truth-In-Lending Act
Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after a loan application is made.
Two-Step Mortgage
Mortgage with a low fixed interest rate for 5, 7 or 10 years, which is then adjusted to a new rate for the rest of the loan.