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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. Ownership of the property is treated as though the couple were a single legal person. Should one spouse die, the entire interest in the property passes to the surviving spouse, without going through probate.
The major of advantage to tenancy by the entirety is the ability to shield the property from the creditors of only one spouse. It can also, at least partially protect the property where only one spouse is filing a bankruptcy. A lien can never be enforced against the property of a non-debtor spouse. Ohio is no longer a 'tenancy by the entirety' state. However if a married couple took advantage of it before April 4, 1985 it is possible the tenancy still exists. But none of the common law five unities (time, title, interest, possession, and marriage) must have been severed, or the tenancy is destroyed. Contrast ► tenancy in common and joint tenacy. - tenancy in common
- A type of joint tenancy in a property without right of survivorship. All co-owners own equal shares, but their interests may differ in size.
Tenants in common have no right of survivorship, meaning that if one joint owner dies, that owner's interest in the property will be part of his or her estate and pass by inheritance to that owner's heirs, either by will, or by intestate succession. Also, since co-owners each have an interest in the property, unless restricted by contractual agreement, each may sell or mortgage it during their lifetime, like any other personal interest. Contrast ► tenancy by the entirety and joint tenacy. - tenant (lessee)
- A person or group that rents (leases) and occupies real property from another (landlord) for a period of time (term); a lessee.
- 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.
- term
1. A contractual term is a provision or obligation of a contract, a breach of which may be cause for litigation. Contractual terms may be express or implied. 2. The time or period through which something lasts or to which limits have been set. - In real estate it may be the duration of an estate or interest in land (leasehold or life), to be enjoyed for a fixed period.
- In finance, it may refers to the length of time set for the amortization of a mortgage loan.
- The Tax Incentives Assistance Project (TIAP)
- A consumer organization sponsored by a coalition of public interest nonprofit groups, government agencies, and other organizations in the energy efficiency field. It is designed to give consumers and businesses information they need to make use of the federal income tax incentives for energy efficient products and technologies passed by Congress as part of the Energy Policy Act of 2005. ()
- 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
- Title insurance is insurance against loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. It is available in many countries but it is principally a product developed and sold in the United States. It is meant to protect an owner's or lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. See ► - 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.
- See ► Debt-To-Income Ratio
- townhouse
- The name "townhouse" or "townhome" has two connotations:
- The older denotes a house with a small footprint in a city, but with multiple floors (sometimes six or more) it has a large living space, often with servant quarters.
- Today, however, "townhouse" also refers to non-uniform units in suburban areas that are designed to mimic detached or semi-detached homes. The difference between "apartments" or "condos" is that these townhouses usually consist of multiple floors, although ones with more than three floors (including a basement) are uncommon.
- trade equity
- Equity that results from a property purchaser giving his or her existing property (or an asset other than real estate) in 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.
- transitional neighborhood
- Urban revitalization is transforming many areas that were once run down into vibrant and fashionable neighborhoods. Positive evidence of revitalization includes homes being painted, landscaping improvements, and signs that businesses are relocating to the area. Because these areas may still have pockets of blight, they are often referred to as "transitional" neighborhoods.
- 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.
- treasury bills (or T-bills )
- Mature in one year or less. They are like zero-coupon bonds in that they do not pay interest prior to maturity; instead they are sold at a discount of the par value to create a positive yield to maturity. Treasury bills are considered by many to be the most risk-free investment for U.S. investors.
- treasury notes (or T-Notes )
- Mature in two to ten years. They have a coupon payment every six months, and are commonly issued with maturities dates of 2, 5 or 10 years, for denominations from $1,000 to $1,000,000. T-Notes and T-Bonds are quoted on the secondary market at percentage of par in thirty-seconds of a point.
The 10-year Treasury note has become the security most frequently quoted when discussing the performance of the U.S. government-bond market and is used to convey the market's take on longer-term macroeconomic expectations. It is also important to the U.S. mortgage market, which uses the yield on the 10-year Treasury note as a benchmark for setting mortgage interest rates. - treasury bonds ( T-Bonds , or the long bond )
- Have the longest maturity, from ten years to thirty years. They have coupon payment every six months like T-Notes, and are commonly issued with maturity of thirty years. The secondary market is highly liquid, so the yield on the most recent T-Bond offering were commonly used as a proxy for long-term interest rates in general. This role has largely been taken over by the 10-year note, as the size and frequency of long-term bond issues declined significantly in the 1990s and early 2000s
- trust
- In common law, a trust is an arrangement whereby some or all the real and/or personal property (trust property) of a person or organization (the settlor) is managed by a person or organization (the trustee) for the benefit of another (beneficiary).
The trustees hold legal title to the trust property, but they are obliged to hold the property for the benefit of one or more individuals or organizations. usually specified by the settlor, who hold equitable title. The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property. - trustee
- A fiduciary who holds or controls property for the benefit of another.
- See ► Trust
- 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), total finance charges, amount financed, total payments, schedule of payments, late payment charges, prepayment penalty (if any), assumption options (which indicate the lender's willingness to allow a future buyer to take over your original loan), and other charges.
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The statute is contained in title I of the Consumer Credit Protection Act. Most of the specific requirements imposed by TILA are found in Regulation Z, so a reference to the requirements of TILA usually refers to the requirements contained in Regulation Z as well as the statute itself. The purpose of TILA is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires a maximum interest rate to be stated in variable-rate contracts secured by the consumer's dwelling. It also imposes limitations on home equity plans and certain higher-cost mortgages. The regulation prohibits certain acts or practices in connection with credit secured by a consumer's principal dwelling. - 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.
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