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Acronym for the Troubled Asset Relief Program, a voluntary Capital Purchase Program to encourage US financial institutions to build capital to increase the flow of financing to US businesses and consumers and to support the U.S. economy. See this Treasury announcement or this Wikipedia article for more.
A deed to a property purchased at a public sale. See also Tax Sale
A claim against a property for due and unpaid taxes.
The sale of a property, usually under a court order, to satisfy a tax lien.
Tenancy By Entirety
In some states, a type of joint ownership of property where a husband and wife are considered as one person, essentially providing an automatic right of survivorship.
Tenancy In Common
Joint ownership by two or more persons. Each person has equal rights to the property but without any right of survivorship. Ownership does not pass to the others in the event of death.
Tenancy In Partnership
A form of ownership where the title is in the name of the partnership, rather than in the names of the individual partners.
Detailed documentation evidencing ownership or other right to a property. In real estate, the deed.
An insurance against a loss (up to a specified amount) resulting from any dispute over ownership or other title defect.
An examination of the public title records to ensure that the seller is the owner of the property and that there are no liens or other claims outstanding.
A form of ownership in real property similar to a condominium or cooperative. Generally, a series of residential units which share common walls with the adjacent units, but stand on individual lots. Owners have title to the unit and lot that they occupy. The common areas and the building exteriors are owned jointly.
Transfer Tax, Transfer Fee
Fees and taxes imposed by state and local governments when title passes from one owner to another.
A series of indexes which are used the basis for determining interest rate changes for many Adjustable Rate Mortgages.
A federal law and supporting regulations which require lenders to fully disclose, in writing, the terms and conditions of a loan, mortgage, or other credit. Lenders are required to specify the rate, term, fees, and other characteristics, including an Annual Percentage Rate (APR).
Two Step Mortgage (Balloon Reset)
A form of Adjustable Rate Mortgage with a one-time rate adjustment at the end of either five of seven years. The rate then remains constant for the remaining term.
The process of verifying the documentation and analyzing the risk associated with granting a mortgage.
A residential mortgage made to an eligible military veteran. The loan is guaranteed by the Department of Veterans Affairs to protect the lender against loss in the event of default.
A deed in which the seller guarantees that title is free and clear of encumbrances other than any stated in it the contract or deed. See Quitclaim Deed
Specification, by a municipal or city authority, of areas for particular purposes; the type of use (residential, commercial, etc.) allowed for a property located within a specified area.
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