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Take-Out Loan |
A first mortgage loan that is committed and expected to be made upon completion of a property with the loan proceeds to be used to repay an interim or construction loan. |
Tax Certificate |
A certificate from the appropriate taxing authority giving the status of real estate taxes or other assessments affecting the property. |
Tenants in Common |
An ownership of property by two or more persons, each of whom has an interest which may be voluntarily transferred by alienation devise or descent and is not subject to any rights of survivorship. |
Tenure |
An ownership of property by two or more persons, each of whom has an interest which may be voluntarily transferred by alienation devise or descent and is not subject to any rights of survivorship. |
Term |
In a mortgage, "term" is the actual length of time for which the money is loaned . GLOSSARY |
Term Mortgage |
A non-amortizing mortgage under which the principal is paid in its entirety upon the maturity date. Sometimes called a straight loan. |
Title |
The means of evidence by which the owner of land has lawful ownership thereof. |
Title Insurance Policy |
A contract by which the insurer, usually a title insurance company, agrees to pay the insured a specific amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee or otherwise. |
Title Search |
An examination of public records to determine the state of title. |
Torrens System |
The Land Titles System as originated in Australia by a Mr. Torrens in 1858. |
Total Debt Service Ratio (Single Family) |
The ratio of an amount equal to the annual mortgage charges and acceptable instalment account payments to an amount equal to the effective gross annual income of the borrower. |
Transfer of Charge |
Assignment of a mortgage. |
Tripartie Agreement |
See Buy - Sell Agreement. |
Trust Agreement |
A written instrument duly executed, sealed, and delivered, conveying or transferring property to a trustee, usually but not necessarily covering real property. |
Trust Deed |
An agreement in writing conveying property from the owner to a trustee for the accomplishment of the objectives set forth in the agreement. |
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