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Tax Lien
A claim against real estate for the amount of its unpaid taxes.

Tenants in Common
An undivided ownership in real estate by two or more individuals.  The interests need not be equal and, in the event of the death of one of the owners, no right of survivorship exists for the other owners.

Title
A document that gives evidence of an individual's ownership of property. Documentary evidence of ownership is the title deed, which specifies in whom the legal estate is vested, and the history of ownership and transfers.  Title can be acquired through purchase, inheritance, gift or foreclosure of a mortgage.

Title Insurance
An insurance contract by which the title insurance company agrees to pay the insured a specific amount for any loss caused by defects of title to a specifically described parcel of real estate.

Title Search
An examination of city, town, or county records to determine the legal ownership of real estate.

Total Debt Ratio
Monthly debt and housing payments divided by gross monthly income. Also known as Back-End Ratio.

Transfer Taxes
Taxes imposed by local governments when transferring ownership of real property.

Truth in Lending
A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly after they apply for the loan. Also known as Regulation Z.

VA Loan
A long-term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.

Variable Rate Mortgage
See Adjustable Rate Mortgage.

Warranty
A guarantee or protection provided to the purchaser regarding the condition of appliances and certain fixtures.  New homes often have more extensive warranties covering not only fixtures and appliances but the overall structure as well.