A B C D E F G H I J K L M
N O P Q R S T U V X W Z

T

Tenants in Common
Two or more persons own the property with no right of survivorship so, if one dies, his/her interest passes on to his/her heirs, not necessarily to the co-owner. One may not sue the other to partition the property. A creditor of one may not claim the property or the proceeds of sale.
Title
A document that gives evidence of an individual's ownership of property.
Title Insurance
A policy, usually issued by a Title Insurance company, which insures a homebuyer against errors in the title search. The cost of the policy is usually a function of the value of the property, and is often paid by the purchaser and/or seller.
Title Search
An examination of municipal records to determine the legal ownership of property. Usually is performed by a title company.
Trust
A right to or in property held for the benefit of another. A trust may be written or implied. An implied trust is called a Constructive Trust.
Truth-in-Lending
A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan.
Two-step Mortgage
A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or ten years), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time.