Glossary

TENANCY: The legal right to occupy a building or unit.

TENANCY IN COMMON: This is a way of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual.

THIRD PARTY ORIGINATION: This is when a lender uses a third party to originate and package loans for sale to the secondary market (Fannie Mae, Freddie Mac).

TITLE: This is a specific document which serves as proof of ownership.

TITLE COMPANY: An organization and company which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.

TITLE INSURANCE: A policy which insures a property owner should a prior recorded claim arises against the property after the purchase has been completed. This also insures a lender’s interest should a question of ownership arise.

TITLE SEARCH: The process whereby the TITLE COMPANY researches a properties title history and ensures that no outstanding claims, encroachments, taxes or judgments exist against the property.

TRANSFER OF OWNERSHIP:   This is any means by which the ownership of a property changes hands.

TRANSFER OF TAX: When the title passes from one owner to another taxes are paid.

TRAP: Typically, this is a bend in water pipe.

TRUSTEE: A person or entity who acts as a fiduciary to hold or control property for the benefit of another.

TRUTH IN LENDING: This is a federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage loan.

TUDOR: Similar to the style of English manor homes. This kind of architecture is typified by exposed stone, wood and brick construction.