TAX LIEN
Lien for nonpayment of taxes. |
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TEASER RATE
A low initial interest rate on a mortgage. |
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TENANTS BY THE ENTIRETY
A type of joint ownership of a property available only to a husband and wife. |
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TENANTS IN COMMON
A type of joint ownership in a property without right of survivorship. |
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TITLE
A legal document showing a person's right to or ownership of a property. |
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TITLE INSURANCE
Insurance which protects a lender or a buyer against loss due to title error or disputes over ownership of a property. |
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TITLE SEARCH
A check of the title records to make sure that the seller is the actual legal owner of the property, and that there are no liens or other claims outstanding. |
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TRUST
A property interest held by one person for the benefit of another. |
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TRUSTEE
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. |
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TRUTH-IN-LENDING
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage. |
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TWO-STEP MORTGAGE
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term. |
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