Real Estate Glossary
- Tenancy by Entirety - A type of joint ownership of property that provides right of survivorship and is available only to a husband and wife.
- Tenancy in Common - A type of joint ownership in a property without right of survivorship.
- Title - The evidence of a person's legal right to possession of property, normally in the form of a deed.
- Title 1 - An FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to their home; Title I loans less than $7,500 don't require a property lien.
- Title Company - A company that specializes in insuring title to property.
- Title Insurance - Insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.
- Title Search - A check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.
- Trustee - A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law.
- Truth-in-Lending - A federal law obligating a lender to give fuII written disclosure of aII fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan.