Truth-In-Lending Act (TILA) A federal law that requires disclosure of a truth-in-lending statement for consumer credit. The statement includes a summary of the total cost of credit, such as the annual percentage rate (APR) and other specifics of the credit.  Real...

Treasury Index An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions by the U.S. Treasury of Treasury bills and securities.  Real estate words and definition For other...

Transfer Tax State or local tax payable when title to property passes from one owner to another.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Trade Equity Real estate or assets given to the seller as part of the down payment for the property.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Title Search A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property.  Real estate words and definition For other words and definitions related to real estate auctions For...

Title Insurance  Insurance that protects lenders and homeowners against legal problems with the title.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Title The right to, and the ownership of, property. A title or deed is sometimes used as proof of ownership of land.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Third-Party Origination A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan. See also “Mortgage Broker.”  Real estate words and definition For other words and...

Termite Inspection An inspection to determine whether a property has termite infestation or termite damage. In many parts of the country, a home must be inspected for termites before it can be sold.  Real estate words and definition For other words and...

Taxes and Insurance Funds collected as part of the borrower’s monthly payment and held in escrow for the payment of the borrower’s, or funds paid by the borrower for, state and local property taxes and insurance premiums.  Real estate words and definition For...

Sweat Equity A borrower’s contribution to the down payment for the purchase of a property in the form of labor or services rather than cash.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...

Survey A precise measurement of a property by a licensed surveyor, showing legal boundaries of a property and the dimensions and location of improvements.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Subordinate Financing Any mortgage or other lien with lower priority than the first mortgage.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Servicemembers Civil Relief Act A federal law that restricts the enforcement of civilian debts against certain military personnel who may not be able to pay because of active military service. It also provides other protections to certain military personel.  Real...

Soft Second Loan A second mortgage whose payment is forgiven or is deferred until resale of the property.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Single-Family Properties One- to four-unit properties including detached homes, townhouses, condominiums, and cooperatives, and manufactured homes attached to a permanent foundation and classified as real property under applicable state law.  Real estate words...

Settlement Statement A document that lists all closing costs on a consumer mortgage transaction.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Settlement The process of completing a loan transaction at which time themortgage documents are signed and then recorded, funds are disbursed, and the property is transferred to the buyer (if applicable). Also called closing or escrow in different jurisdictions. See...

Servicing The tasks a lender performs to protect the mortgage investment, including the collection of mortgage payments, escrow administration, and delinquency management.  Real estate words and definition For other words and definitions related to real estate...

Servicer A firm that performs servicing functions, including collecting mortgage payments, paying the borrower’s taxes and insurance and generally managing borrower escrow accounts.  Real estate words and definition For other words and definitions related to real...