Glossary |
Terms that are on use on this site.
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| Title | Ownership of a property. A clear title is one without any outstanding liens or encumbrances. A cloud on title refers to any outstanding liens or encumbrances which could impair the title. |
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| Title Insurance Policy | A policy designed to protect the buyer or lender after closing from financial losses arising from any defects in the title that may have occurred prior to purchase. |
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| Title Search | A check of public record to disclose the past and current facts regarding ownership of a particular piece of property. |
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| Transfer Tax | In some areas city, county or state taxes imposed when property passes from one person to another. |
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| Truth-In-Lending | Federal law that requires lenders to disclose the terms and conditions of a mortgage, including the APR, based on certain charges incurred by the borrower. If the charges were $0, the APR would be equal to that actual interest rate on the loan. |
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