Glossary

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Term	Definition
Tax Deed	A written document conveying title to property repossessed by the government due to default on tax payments.
Tax Savings	The deduction a taxpayer 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.
Taxes	As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.
Temporary Appointment	An appointment lasting one year or less with a specific expiration date.
Title	A formal document establishing ownership of property.
Title Insurance	A policy issued by a title insurance company insuring the purchaser against any losses resulting from errors in the title search. The cost of title insurance may be paid for by the buyer, the seller or both.
Trust Deed	See also: Deed of Trust
Truth in Lending Act	The Truth In Lending Act requires lenders to disclose the Annual Percentage Rate and other associated costs to homebuyers within three working days of the loan application.

Last Modified: 12/11/2020 3:47 PM

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