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.
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.
Definition: A legal document that has established evidence of ownership.
Definition: A company that examines and insures title claims on behalf of customers and primarily for real estate.
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.
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.
Definition: The local or state tax which is payable when titles transfer.
Definition: An index used to obtain the changes in interest rates for certain adjustable rate mortgages.
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.
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.
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.