Glossary Terms T

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TENANCY AT WILL
A rental agreement that allows either the landlord or the tenant to terminate the lease at any time. 

TENANT
A person who leases property from a landlord. 

TITLE
A legal document showing ownership of a property. Also, the rights of ownership and possession of that property.

TITLE INSURANCE
Insurance to protect the lender (lender’s policy) and/or the buyer’s (owner’s policy) against loss arising from defects in the title or disputes over ownership of the property. 

TITLE SEARCH
A check to ensure that the seller is the legal owner of a property and no liens or claims are outstanding. 

TRANSFER TAX
State or local tax payable when title transfers from one owner to another. 

TRUTH IN LENDING ACT
Federal law requires lenders to fully disclose in writing all terms and conditions of a mortgage, including all charges.