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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.
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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. |
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Tenancy In Common |
A type of joint tenancy in a property without right of survivorship. Contrast with
tenancy by the entirety and with joint tenancy.
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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. |
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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.
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Transfer Tax |
State or local tax payable when title passes from one owner to another.
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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.
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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. See adjustable
rate mortgage (ARM). |
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Title |
A legal document evidencing a person's right to or ownership of a property.
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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, including the annual percentage rate (APR) and other charges. |
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Title Company |
A company that specializes in examining and insuring titles to real estate. |
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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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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. |
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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. |
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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.
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Trustee |
A fiduciary who holds or controls property for the benefit of another. |
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Total Expense Ratio |
Total obligations as a percentage of gross monthly income. The total expense ratio
includes monthly housing expenses plus other monthly debts.
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