Mortgage Glossary – T
Money paid to and held by a lender for annual tax payments.
Claim against a property for unpaid taxes.
Sale of property by a government body as a result of non-payment of taxes.
The period of time within which a loan must be paid off.
Legal evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.
Title Insurance Company
A company that insures title to property.
Insurance Policy which protects a lender (lender’s policy) or a buyer (owner’s policy) against loss due to title error or disputes over ownership of a property.
An examination of public records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.
One of the three largest credit bureaus in the United States.
State of local tax paid when title passes from one owner to another.
Federal law requiring full written disclosure of the Credit terms of a mortgage using a standard format.