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Tax deed. A written document conveying title to property repossessed by the government due to default on tax payments.
Tax savings. The deduction a tax payer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.
Tenancy by the entirety. A type of joint ownership of property available only to a husband and wife.
Tenancy in common. A type of joint ownership in a property without rights of survivorship.
Title company. A company that specializes in insuring the title to a property.
Title insurance. Insurance to protect the lender (lenders policy) or the buyer (owner’s policy) against loss arising from disputes over ownership of a property.
Title search. A check of the title records to ensure that the seller is the legal owner of property and that there are no liens or other claims outstanding.
Title. A legal document establishing the right of ownership.
Transfer tax. State or local tax payment when title passes from one owner to another.
Truth-in-lending. A federal law that requires lenders to fully disclose in writing, the terms and conditions of a mortgage, including the APR and other charges.
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