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Tax Sale
Sale of property after a period of nonpayment of taxes.
Temporary Injunction
A court order that freezes the status quo for an extended time period, typically until a full court trial on the merits
of a case can be held. It often requires posting a bond, although many states' laws waive the bond requirement in
cases involving the foreclosure of a home.
Temporary Restraining Order
A court command that freezes the status quo for a short period of time until other legal relief is awarded or a
settlement between the litigants can be reached.
Tenancy At Will
A license to use or occupy lands and tenements at the will of the owner.
Tenancy By The Entirety
An estate that exists only between husband and wife with equal right of possession and enjoyment during their
joint lives and with the right of survivorship.
Tenancy In Common
An ownership of realty by two or more persons, each of whom has an undivided interest without the right of
survivorship.
Title
Evidence of the ownership of land.
Title Defect
Unresolved claim against the ownership of property that prevents presentation of a marketable title. Such claims
may arise from failure of the owner's spouse, or former part owner, to sign a deed, current liens against the
property, or an interruption in the title's records of a property.
Title Insurance
A policy of insurance that protects the holder from any loss caused by defects in the title.
Title Report
Document indicating the current state of the title, such as easements, covenants, liens, and any other defects.
The title report does not describe the chain of title.
Title Search
An examination of the public records to determine the ownership and encumbrances affecting real property.
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Trust Deed
A type of mortgage that gives a lender the power to foreclose and take title away from the borrower.
Trustee
A person who is named in a deed of trust or other mortgage to conduct any foreclosure proceedings and sell the
property to pay off the mortgage loan balance.
Trustees Deed
A type of deed issued to the buyer at a foreclosure by the trustee.
Trustees Sale
A non-judicial action whereby a trustee may auction and sell property secured by a Deed of Trust subsequent to a
default in the terms and conditions of the loan.
Trustees Sale Guarantee
A title insurance policy for the benefit of the trustee handling a foreclosure action.
Truth In Lending Act
A federal law that requires lenders to make certain disclosures to borrowers concerning a loan, such as the
interest, the annual percentage rate, the total cost of the loan, the total of all payments and the use of disclosure
forms at the loan application and closing.
Turnover Order
A court command to a debtor to give title to certain assets to a creditor.
Underwriter
The person who makes the final decision on whether a loan should be granted or not at most mortgage
companies.
Undivided Interest
Ownership of real estate by joint tenants or tenants in common under the same title.
Upside Down Home
A house that is worth less than what is owed on the mortgage it secures.
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Vendees Lien
A lien against property under contract of sale to secure a deposit paid by a purchaser.
Verification Of Deposit (VOD)
A form sent to an employer by a lender to verify that a borrower has a certain sum on deposit.
Verification Of Employment (VOE)
A form sent to an employer by a lender to verify that a borrower is employed at a certain salary.
Veterans Administration
Federal agency handling VA guarantee programs.
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