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 undivided possessory interest, which may be voluntarily transferred by alienation device or descent and is not subject to any rights of survivorship.
Tenure
The manner or system of holding lands or tenements in subordination to some superior right, which in the feudal ages was the leading characteristic of real property ownership.
Term
In a mortgage, term is the actual length of time for which the money is loaned.
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 installment account payments to an amount equal to the effective gross annual income of the borrower.
Transfer of Charge
Assignment of a mortgage.
Trust Deed
A written instrument duly executed, sealed, and delivered, conveying or transferring property to a trustee, usually but not necessarily covering real property.
