Dictionary

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Title Search

A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

Title Theory

Some states interpretation of a mortgage to mean that the lender is the owner of mortgaged land. On full payment of the mortgage debt, the borrower becomes the landowner.

Total Disability

A degree of disability from injury or sickness that prevents the insured from working. This definition actually varies by company. In other words, on Disability Income insurance, you get what you pay for. If this definition is broad, such as you are totally disabled if you cannot perform your own job, the policy will be expensive. However, if the definition states that you are totally disabled only if you are confined to the hospital, it won’t cost much.

Total Expense Ratio

Total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts.

Township Line

Lines running at six-mile intervals parallel to the baselines in the rectangular survey system.

Township Square

The principle unit of the rectangular survey system. A township is a square with six-mile sides and an area of 36 square miles.

Township Tier

A strip of land running east and west in the government survey system.

Trade Equity

Equity that results from a property purchaser giving his or her existing property (or an asset other than real estate) as trade as all or part of the down payment for the property that is being purchased.

Trade Fixture

Article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires. These remain personal property and are not true fixtures.

Learn more about trade fixtures in our detailed article here.

Transfer of Ownership

Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property “subject to” the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device. In cases in which an inter vivos revocable trust is the borrower, lenders also consider any transfer of a beneficial interest in the trust to be a transfer of ownership.