TheTechMap.com
There are 399 entries in this glossary.
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| Term | Definition |
|---|---|
| Tax and Insurance Escrow |
An escrow account funded through monthly contributions by the mortgagor, required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums, and thus lowering the risk of default by the borrower.
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| Tax Lien |
A lien against a property for failure to pay the taxes.
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| Teaser Rate |
The initial contract interest rate charged on an adjustable rate mortgage for the first adjustment interval, and is significantly lower than the full adjusted rate at the time.c
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| Terms |
The arrangements and conditions that are specified within a contract.
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| Time is of the Essence |
The phrase that, when included in a contract, requires all references to specific dates and times of day noted in the contract be understood as exact, and which in its absence extreme delays could be acceptable.
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| Title |
Legal document providing evidence of ownership.
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| Title Defect |
An unresolved claim against the ownership of a property that prevents the seller from providing the buyer a clear title to the property.
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| Title Insurance |
The insurance policy protecting the title holder from loss due to defects in the title.
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| Title Search |
The examination of public records to find out the ownership and encumbrances that affect a real property.
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| Title Theory State |
A state where the lender has legal title to the mortgaged property and the borrower has an equitable title, in contrast with lien theory state. Taxes is not a title theory state.
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| Triple Net Lease |
A lease that the tenant pays all operating expenses for the property so that the landlord receives net rent with tenant paying; taxes, insurance, and maintenance in addition to normal operating expenses
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| Trust |
An entity where property is transferred to a trusted third party trustee by a grantor/trustor, where the trustee holds the property for the benefit of the beneficiary of the trust.
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| Trust Deed |
The conveyance of real estate to a third party to be held for the benefit of another. It is commonly used in some states instead of mortgages that conditionally convey title to the lender; same as a Deed of Trust.
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| Trustee |
Someone who holds property in a trust for another securing the performance of an obligation, or the neutral party in a transaction by trust deed.
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