tenancy by the entirety
A type of joint tenancy of property that provides right of survivorship
and is available only to a husband and wife. Contrast with tenancy in
common.
tenancy
in common
A type of joint tenancy in a property without right of survivorship.
Contrast with tenancy by the entirety and with joint tenacy.
tenant-stockholder
The obligee for a cooperative share loan, who is both a stockholder
in a cooperative corporation and a tenant of the unit under a proprietary
lease or occupancy agreement.
third-party
origination
A process by which a lender uses another party to completely or partially
originate, process, underwrite, close, fund, or package the mortgages
it plans to deliver to the secondary mortgage market. See mortgage
broker.
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.
title
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.
total
expense ratio
Total obligations as a percentage of gross monthly income. The total
expense ratio includes monthly housing expenses plus other monthly
debts.
trade
equity
Equity that results from a property purchaser giving his or her existing
property (or an asset other than real estate) as trade as all or part
of the down payment for the property that is being purchased.
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. In cases in which an inter vivos revocable
trust is the borrower, lenders also consider any transfer of a beneficial
interest in the trust to be a transfer of ownership.
transfer
tax
State or local tax payable when title passes from one owner to another.
Treasury
index
An index that is used to determine interest rate changes for certain
adjustable-rate mortgage (ARM) plans. It is based on the results of
auctions that the U.S. Treasury holds for its Treasury bills and securities
or is derived from the U.S. Treasury's daily yield curve, which is
based on the closing market bid yields on actively traded Treasury
securities in the over-the-counter market.
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.
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.
two-
to four-family property
A property that consists of a structure that provides living space
(dwelling units) for two to four families, although ownership of the
structure is evidenced by a single deed.
trustee
A fiduciary who holds or controls property for the benefit of another.
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