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T

Tenants in Common

A percentage interest in a property by two or more individuals without rights of survivorship.

Term Mortgage

See Balloon Payment Mortgage.

Title Insurance

The insurance policy insuring the lender and/or the buyer that the liens are as stated in the title report. Any claim arising from a lien other than that disclosed is payable by the title insurance company.

Title Search

An examination of municipal records to determine the legal ownership of property. Usually is performed by a title company.

Title

A document that gives evidence of an individual's ownership of property.

Trust Deed

The Trust Deed attaches the note as a lien on the property. This is the document which conveys the ability to collect from the proceeds of the property.

Truth-in-Lending

A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan. Also known as a TIL