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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all
 
Tax Deed
A deed to a property purchased at a public sale. Tax Sale
 
Tax Lien
A claim against a property for due and unpaid taxes.
 
Tax Sale
The sale of a property, usually under a court order, to satisfy a tax lien.
 
Tenancy by Entirety
In some states, a type of joint ownership of property where a husband and wife are considered as one person, essentially providing an automatic right of survivorship.
 
Tenancy in Common
Joint ownership by two or more persons. Each person has equal rights to the property but without any right of survivorship. Ownership does not pass to the others in the event of death.
 
Tenancy in Partnership
A form of ownership where the title is in the name of the partnership, rather than in the names of the individual partners.
 
Title
Detailed documentation evidencing ownership or other right to a property. In Real Estate, the deed.
 
Title Insurance
An insurance against a loss (up to a specified amount) resulting from any dispute over ownership or other title defect.
 
Title Search
An examination of the public title records to ensure that the seller is the recognized owner of the property and that there are no unsettled liens or other claims outstanding against the property.
 
Townhouse
A form of ownership in real property similar to a condominium or cooperative. Generally, a series of residential units which share common walls with the adjacent units, but stand on individual lots. Owners have title to the unit and lot that they occupy. The common areas and the building exteriors are owned jointly.
 
Transfer Tax, Transfer Fee
Fees and taxes imposed by state and local governments when title passes from one owner to another.
 
Treasury Indexes
A series of indexes that are used the basis for determining interest rate changes for many Adjustable Rate Mortgages.
 
Truth-in-Lending
A federal law and supporting regulations which require lenders to fully disclose, in writing, the terms and conditions of a loan, mortgage, or other credit. Lenders are required to specify the rate, term, fees, and other characteristics, including an Annual Percentage Rate (APR).
 
Two Step Mortgage (Balloon Reset)
A form of Adjustable Rate Mortgage with a one-time rate adjustment at the end of either five of seven years. The rate then remains constant for the remaining term.
 
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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