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Tax Lien -
Lien taken against a properties title in order to secure and collect
unpaid taxes.
Title -
Legal document stating property ownership.
Title Insurance -
Insurance which covers any mistakes in the title search.
Title Search -
A search on a properties title to determine the properties legal
ownership.
Transfer Tax -
State or local tax payable when the title passes from one owner to
another.
Truth-in-Lending Law -
Law that requires that all associated costs be made aware before closing.
Two-Step Mortgage -
Mortgage in which the interest rate is fixed for a certain set amount of
years, generally 7 or 10, then changes to a predetermined rate for the
remainder of the loan.
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