| Term |
The length of the loan. |
| Title Ownership |
A clear title is one without any outstanding liens or encumbrances. A cloud on a title refers to any outstanding liens or encumbrances which could impair the title. |
| Title Insurance Policy |
Protection against financial loss arising from defects in the title occurring before purchase. |
| Title Search |
A copy of the Certificate of the of Title issued by the Titles Office showing registered details of the property such as mortgages, easements, etc. |
| Transfer Tax |
In some areas city, county or state taxes imposed when property passes from one person to another. |
| Trust |
Money or property vested with an independent third party (the trustee) to administer on behalf of others (the beneficiaries of the trust). |
| Truth in Lending |
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the APR and other charges |
| Tenants in Common |
The share holding of a property by two or more persons, either in equal shares or however defined. Should one owner die, their share is administered by their estate. The individual shares can be sold as the individual owners wish. |
| Torrens Title |
The usual form of title. |
| Transfer of Land |
A document produced to transfer legal ownership of property from one entity to another. This document is registered with the Land Titles office and is noted on the Certificate of Title. |
