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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