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| Tax Lien |
A lien for outstanding or delinquent property, IRS or state taxes. Tax liens for delinquent property taxes are the most common and attach only to the property upon which the taxes are unpaid. Property tax liens always take priority over other liens.
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| Temporary Disability Award Letter |
A letter issued to employees who are awarded temporary disability benefits because they are unable to work due to medical disability. These employees are expected to return to work once their disability heals.
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| Temporary Worker |
An individual who registers with a temporary employment agency to be placed on work assignments at companies on a temporary basis.
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| Tenancy by the Entirety |
A form of ownership by husband and wife whereby each holds title to the entire property with right of survivorship. In the event of the death of one, the survivor takes the entire property to the exclusion of the deceased's heirs.
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| Tenancy in Common |
A form of holding title in which the property is owned by 2 or more persons whereby each tenant holds an undivided interest in the property and no right of survivorship.
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| Title |
The right or ownership in land; also, the evidence of such ownership.
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| Title Closing |
The process in which the title company oversees the closing or document signing of the loan in close conjunction with the entity performing the escrow function on the loan. Once the loan documents are signed and all contingencies are satisfied, the title company records the security instrument and releases the proceeds of the loan.
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| Title Commitment |
A written report showing all current claims against a property before a sale or loan transaction. After completion of the transaction, a title insurance policy is issued. See PRELIMINARY TITLE REPORT (PRELIM)
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| Title in Lieu of |
See DEED IN LIEU
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| Title Instructions |
A document that instructs a title company how to record a lien against a property and issue a title insurance policy. See INSTRUCTIONS TO TITLE
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| Title Insurance |
Insurance against certain loss resulting from undisclosed defects of title to a specifically described parcel of real property.
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| Title Search |
A review of all recorded documents affecting a specific piece of property to determine the present condition of claims against the property.
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| Total Monthly Income |
Gross monthly income from all income sources, after appropriate deductions are taken.
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| Tradeline |
Credit items reported on a credit report.
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| Trust Deed |
An instrument used in many states in place of a mortgage. Grants an interest in the property as collateral for a loan and, when recorded with the county, creates a lien having priority over later-filed mortgages or trust deeds. See DEED OF TRUST
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| Truth in Lending Disclosure |
This disclosure is required by law under the Federal Truth in Lending Act, which requires a full disclosure of a loan amount, finance charges and APR.
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| Types of Security Instruments |
In a real estate-secured transaction, the borrower and lender enter into a loan agreement that is legally documented or evidenced by a security instrument. This security instrument can be either a mortgage or a deed of trust. See DEED OF TRUST, MORTGAGE
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