Tax lien. A type of lien placed on a title when the owner has not paid property or assessment taxes or other state and federal taxes.
Take-back. A loan made directly from the seller to the buyer.
Term The period of time which covers the life of the loan. For example, a 30 year fixed loan has a term of 30 years.
Title 1. Evidence of the right of property ownership; can be held solely, jointly, in common or in corporate or partnership form. 2. The evidence one has of right to possession of land.
Title company. A company that performs and insures title searches. Usually selected by the seller, they sometimes work as a lender's agent. Depending on the preferences of the seller, buyer and others involved in the sale, the closing might take place at the title company's offices.
Title insurance Insurance against loss resulting from defects of title to a specifically described parcel of real property.
Title search An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.
Total debt ratio Monthly debt and housing payments divided by gross monthly income. Also known as Obligations-to-Income Ratio or Back-End Ratio.
Truth-in-Lending Act A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.
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