Glossary

Tenancy in Common – Trustee

Terms to know in real estate.

Tenancy in Common

Definition: A joint tenancy of property without the right of survivorship. Each tenant’s portion of the ownership is distributed under their wills.

Third-Party Origination

Definition: A process in which the lender uses another party to originate a mortgage as well as process, underwrite, fund, close, or package mortgages. These mortgages are those that are expected to be delivered to the secondary mortgage market.

Title

Definition: A legal document that has established evidence of ownership.

Title Company

Definition: A company that examines and insures title claims on behalf of customers and primarily for real estate.

Title Insurance

Definition: Insurance that protects the lender or owner, during property ownership disputes, against loss. Such insurance is primarily used for mortgages and is often required by lenders.

Title Search

Definition: Examination of all records, those which are relevant, to confirm that the seller is a legal owner of the property with no outstanding claims or liens.

Transfer of Ownership

Definition: A process in which property transfers from one owner to another.

Transfer Tax

Definition: The local or state tax which is payable when titles transfer.

Treasury Index

Definition: An index used to obtain the changes in interest rates for certain adjustable rate mortgages.

Truth-in-Lending

Definition: A federal law that requires all lenders to fully include all terms and conditions of mortgages as well as annual percentage rates and other changes.

Two-Step Mortgage

Definition: A kind of adjustable rate mortgage that has one interest rate for the first portion of the mortgage and then a second interest rate for the remainder of the mortgage.

Two-to Four-Family Property

Definition: A property, building, or structure that provides a living space for two to four families while ownership remains in a single deed.

Trustee

Definition: Organization or individual that holds, manages, or invests assets to benefit another company or individual. The trustee is obligated, legally, to make trust related decisions with the beneficiary’s interests in mind and may also be held liable for any damages if they did not do so.

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Hi! I’m Maria, the Marketing Coordinator for Homes.com. I am part of a dream team that is dedicated to running this awesome blog along with Homes.com’s social channels. If I am not busy writing blogs and socially sharing for Homes.com, you can find me painting, drinking tea with my friends, and doing DIY projects!

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