Glossary - T
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Tenancy at sufferance: A tenancy that exists when a tenant wrongfully
holds over after the expiration of a lease without the landlord's consent,
as where the tenant fails to surrender possession after termination of
the lease.
Tenancy at will: A tenancy in which a person holds or occupies
real estate with permission of the owner, for a term of unspecified or
uncertain durations, i.e. there is no fixed term to the tenancy.
Tenancy by the entirety: A type of joint tenancy of property that
provides right of survivorship and is available only to a husband and
wife. Contrast with tenancy in common.
Tenancy in common: A type of joint tenancy in a property without
right of survivorship. Contrast with tenancy by the entirety and with
joint tenancy.
Tenant: In general, one who exclusively holds or possesses property;
commonly used to refer to a lessee under a lease. A tenant's occupancy,
although exclusive, is always subordinate to the rights of the owner.
Title: A legal document evidencing a person's right to or ownership
of a property.
Title Company: A company that specializes in examining and insuring
titles to real estate.
Title insurance: Insurance that protects the lender (lender's
policy) or the buyer (owner's policy) against loss arising from disputes
over ownership of a property.
Title search: A check of the title records to ensure that the
seller is the legal owner of the property and the there are no liens or
other claims outstanding.
Total expense ratio: Total obligations as a percentage of gross
monthly income. The total expense ratio includes monthly housing expenses
plus other monthly debts.
Transfer of ownership: Any means by which the ownership of a property
changes hands. Lenders consider all of the following situations to be
a transfer of ownership: the purchase of a property "subject to" the mortgage,
the assumption of the mortgage debt by the property purchaser, and any
exchange of possession of the property under a land sales contract or
any other land trust is the borrower, lenders also consider any transfer
of a beneficial interest in the trust to be a transfer of ownership.
Transfer tax: State or local tax payable when title passes from
one owner to another.
Truth-in-lending: A federal law that requires lenders to fully
disclose. In writing, the terms and conditions of a mortgage, including
the annual percentage rate (APR) and other charges.
Two-to-four-family property: A property that consists of a structure
that provides living space (dwelling units) for two to four families,
although ownership of the structure is evidenced by a single deed.
Trustee: A fiduciary who holds or controls property for the benefit
of another.
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