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VWXYZtenancy 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
tenancy.
tenant-stockholder
The oblige 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. See adjustable-rate mortgage (ARM).
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.