Terms starting with the letter T

T-Bill - See Treasury Bill

Tenancy in Common
A type of co-ownership of real property; a holding of an estate in land by two or more persons, each being entitled to possession of the property according to their proportionate share; distinct from a joint tenancy in that there is no right of survivorship in a tenancy in common.

Term
A period of time and total number of payments (usually months) required to pay the loan in full. (360 months for a 30 year term, 180 months for a 15 year term).  also known as amortization term.

Third-Party-Origination
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

Time Share
An interval interest in real estate whereby ownership or occupancy rights circulate among the various interval owners. Ownership may be either fee simple (deeded) or "right-to-use" (contractual or membership).

Title
A document declaring evidence of property ownership that is issued at closing.  A new Title is issued after refinancing, as proof of the loan transaction.  The Title includes the loan number(s), loan details, legal property description, liens, encumbrances, and other information related to the property.  A Title may be acquired through purchase, inheritance, devise, gift or through foreclosure of a mortgage.

Title Insurance 
A policy, usually issued by a title insurance company, provides an indemnity for the home buyer and lender's interests against errors in the title search.  The cost of the policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller.

Title Search
An examination performed by a title company of the public records, including court decisions, to disclose facts concerning the ownership of real estate.  The title examiner prepares an Abstract and the title agent prepares a Binder but decisions regarding the legal sufficiency of title or questions requiring legal interpretation must be resolved by a licensed attorney at law. 

Torrens System
A system by which the Registrar of Torrens keeps and maintains title records pertaining to real property located in the county.

Transaction-broker
A broker or salesperson who assists one or more parties throughout a contemplated real estate transaction with communication, interposition, advisement, negotiation, contract terms, and the closing of such real estate transaction without being an agent or advocate for the interests of any party to such transaction.  Upon agreement in writing pursuant to Colorado law 12-61-803 (2) (a) or a written disclosure pursuant to section 12-61-808 (2) (d), a transaction-broker may become a single agent, subagent, or dual agent.

Transfer of Ownership 
The means by which the ownership of a property changes hands.  Examples of such include the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchases, and any exchange of possession of the property under a land sales contract or any other land trust device.

Transfer Tax
State or local tax payable when title passes from one owner to another.

Treasurer's Deed
A deed for property sold at public sale by the county for nonpayment of taxes by the owner.

Treasury bill (T-bills)
U.S. Treasury bills are short-term debt obligations of the U.S. Treasury.  T-bills are usually issued to mature in three or six months.  Prices for T-bills are stated as a discount to the par value.  For example, a T-bill with a price of 99.65 is selling for 99.65% of its par value.  T-bills are auctioned weekly and used to pay operations of the federal government.  T-bills are considered to be among the safest and most liquid investments.

Trust Deed
A form of mortgage by which a borrower or debtor conveys title to their property to a Trustee, usually a Public Trustee, who holds the title for the protection of a lender or creditor as a pledge or as security for the repayment of the loan or debt described in the instrument.

Truth-in-Lending Act (TILA)  Also known as Regulation Z.
The federal Truth-in-Lending Act (PL 90-321; 15 USC 1601 et seq.).  Part of the Consumer Credit Protection Act, a federal law that requires lenders to provide full written disclosure of credit terms and conditions, the finance charge, the annual percentage rate and other charges incurred in a loan contract to borrowers.  The Truth-in-Lending Disclosure Statement is presented and delivered to the buyer with the Good-Faith-Estimate.

Two-Step Mortgage
A mortgage in which the borrower receives a below-market interest rate for a specified number of years (commonly seven or 10 years).  At the end of the 10 years for example, the interest rate is adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of seven or 10 years. also called "Super Seven" or "Premier" mortgage.

Type of Property - See Property Type